Matt Yglesias has joined the ranks of critics misrepresenting Lina Khan and the FTC’s record during the Biden administration:
There has been a lot of controversy about Lina Khan ever since a couple of Democratic tech donors clumsily suggested firing her. A lot of tech people really do hate her for basically self-interested reasons. But the concern I’ve heard about her chairship for years from people with a good-faith interest in antitrust law is about their doubts that she can actually win cases — doubts that have not been raised about Kanter precisely because he is a veteran private sector attorney.
We’re not sure which “good-faith” people that Matt has been talking to, but this talking point that Khan’s FTC cannot win cases has been debunked over and over again.
The agency’s major court wins include:
- The Illumina appeal before the Fifth Circuit, leading to medical device company Illumina’s divestment from competitor Grail;
- A settlement that blocked anticompetitive harms of pharma giant Amgen’s $28bn acquisition drug maker Horizon;
- A trial victory blocking biopharma data provider IQVIA’s acquisition of a medical advertising firm.
And to Khan’s credit, the FTC’s enforcement actions often don’t make it to court – there are numerous instances of abandoned mergers by corporate behemoths following FTC suits, including:
- Amazon’s acquisition of iRobot;
- Lockheed Martin’s acquisition of Aerojet;
- Chip supplied Nvidia’s merger with chip designer ARM;
- Berkshire Hathaway Energy purchase of Questar Pipeline; among others.
The FTC also has pending antitrust cases against industry giants Amazon, Microsoft, and Kroger.
Much to the chagrin of the Wall Street Journal, the rate of mergers and acquisition has fallen. This is thanks in part to Khan’s willingness to pursue these cases, hence the 100+ WSJ op-eds attacking Khan’s leadership. Unlike Matt’s unnamed skeptics, these corporations and their friends in the media have no doubts about the Chair Khan’s ability to win cases. You know what mergers are blocked at a 100% rate? The ones Lina Khan deters from ever proceeding.
Khan’s leadership has also led to numerous policy and legal wins for everyday Americans apart from antitrust enforcement:
- Crackdown on “junk fees”
- $520 million fine against Epic Games for child privacy violations
- Returned $61 million in unpaid tips to Amazon drivers
- Ban on non-competes, increasing wages by $400 billion
- Proposed click to cancel rule
Matt could read here for a full accounting of Khan’s FTC from the American Economic Liberties Project. Or he could just assume his superficial understanding of her record at the FTC based on disparaging comments from his peers is correct. You do you, Matt.
Image Credit: “Lina Khan 3, Competition and Regulation in Disrupted Times, Brussels, Belgium” by gruntzooki is licensed under CC BY-SA 2.0.