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Why It May Be Time to Consider a Merger Policy Reset in 2025
Truth on the Market
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The Biden administration’s federal antitrust regulators—the U.S. Justice Department (DOJ) and the Federal Trade Commission (FTC)—have been widely perceived as actively discouraging mergers and acquisitions. This reflects the rejection of a longstanding bipartisan understanding that government would only oppose proposed M&A transactions that are likely to harm competition. The Biden approach arguably threatens to harm the American economy by deterring economically beneficial tie-ups. The Trump administration may wish to consider rejecting it and returning to the prior bipartisan understanding that was more “merger neutral.”