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Biden's DOJ antitrust head to step down

investing.com 17/12/2024 - 18:09 PM

Jonathan Kanter Stepping Down as DOJ Antitrust Head

By Jody Godoy

The U.S. Department of Justice (DOJ) antitrust head, Jonathan Kanter, announced on Tuesday that he will resign this Friday, concluding a three-year tenure focused on rejuvenating competition law in the U.S.

Kanter, alongside U.S. Federal Trade Commission chair Lina Khan, has worked to revitalize antitrust enforcement to serve as a constraint on corporate power, earning support from some Democrats and Republicans alike.

> “Plutocracy is its own kind of dictatorship,” Kanter stated in his farewell address. “When companies larger and more powerful than most world governments threaten individual liberty with coercive private taxation and regulation, it threatens our way of life.”

Despite the praises, some attorneys and business groups have criticized Khan and Kanter’s aggressive agenda, advocating for a less extensive view of antitrust that has dominated for the past forty years.

President-elect Donald Trump's forthcoming appointments are not expected to significantly reduce enforcement efforts. Gail Slater, an aide to incoming Vice President JD Vance, is anticipated to succeed Kanter once confirmed. Vance has previously expressed support for Khan’s initiatives, emphasizing that corporations can act in “tyrannical” ways.

Kanter's deputy, Doha Mekki, will lead the antitrust division until Trump assumes office, at which point a new acting head may be designated.

Under Kanter's leadership, the DOJ amplified its antitrust activities, challenging major companies like Apple, Google, Ticketmaster, and Visa, and achieving a pivotal legal victory against Google concerning its search dominance, which originated during Trump’s first administration.

The DOJ also successfully blocked the merger between JetBlue and American Airlines, JetBlue's proposed $3.8 billion acquisition of Spirit Airlines, and Penguin Random House's proposed $2.2 billion merger with Simon & Schuster, the largest book publisher in the world.

In his farewell speech, Kanter cautioned that the DOJ’s antitrust mission faces a significant risk without adequate funding stemming from merger filing fees.




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