Commentary

Biden vs. Trump: Antitrust Policy

Key Takeaways

  • Both President Joe Biden and former President Donald Trump supported aggressive antitrust agendas that resulted in expanded court proceedings against private entities and broadened definitions of consumer harm. No matter who wins the election, private companies should anticipate considerable scrutiny over mergers and acquisitions, high compliance burdens, and interventionist prosecutions that push the boundaries of Federal antitrust enforcement.
  • The administrations’ attitudes about how and why to prosecute anticompetitive behavior, however, showed important differences. While Trump leveraged narrowly-targeted proceedings to advance public interest goals which extended beyond consumer protection, Biden adopted a wider “whole of government” approach that sought to systematically deter corporate overreach across multiple sectors.
  • A second Trump administration would likely see a return to transactional, tit-for-tat scrutinization of specific targets. In contrast, a second Biden administration would continue its sweeping “pro-enforcement” strategy and give greater regulatory power to the Federal Trade Commission (FTC), the Department of Justice (DOJ), and other agencies.

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