Lina Khan Would Bring a Tough Antitrust Voice

The Teamsters asked the F.T.C. to pause review of the deal. In a letter sent today to the agency’s acting chairwoman, Rebecca Slaughter, the union requested that the agency wait for one of two things:

  • Congress passes a bill by Senator Amy Klobuchar, Democrat of Minnesota, that would make broad changes to antitrust rules. The legislation would change the framework used by the F.T.C. to evaluate the deal, allowing the regulator to reject transactions based on the possibility of competitive harm instead of a determination that it will create such harm.

  • Or, at the least until the agency ensures “that all competitive effects from the transaction have been fully considered and remedied.”

There are other issues at play. Marathon has locked out 200 union workers at a refinery in Minnesota. And unions have had an often tense relationship with activist hedge funds like Elliott, whom they have accused of calling for layoffs that affect union members. (In its letter to the F.T.C., the Teamsters union criticized what it called “Elliott’s singular desire to liquidate Marathon’s assets to fund enormous share buybacks and special dividends.”)

But the agency is already far along in its review. Marathon executives, who hope to close the deal by the end of the first quarter, confirmed on a call with analysts last month that they had responded to a second request for information from the F.T.C. and were working on solutions. (The proposed buyer of Speedway, Seven and I, is reportedly looking to sell up to 300 gas stations to ease the agency’s concerns.)

  • The F.T.C. must follow statutory timelines for reviewing deals, which means the agency can delay its examination only for so long, even if it wanted to. And it’s not clear whether Ms. Klobuchar’s bill will pass, or in what form it might do so.


David Nussbaum, the investment banker who co-created the SPAC in 1993, on how his financial innovation has become a hot trend on Wall Street


Companies are increasingly under public pressure to be more open, with political spending getting particular attention since the Jan. 6 riot at the Capitol. Proponents of greater transparency say that demand is growing: “The disclosure train will be leaving the station,” Bruce Freed, the president of the nonprofit Center for Political Accountability, told DealBook.

The SEC is all about E.S.G. Transparency around political giving is considered a governance issue. Last week, the Securities and Exchange Commission said it would form a task force focused on issues around climate and environmental, social and governance concerns, making both priorities for its examinations division. And corporate disclosures — particularly around political spending — were a recurring theme in the testimony of Gary Gensler, President Biden’s pick to lead the S.E.C., in his Senate confirmation hearing.

This year “is going to be really transformative,” said Josh Levin, the C.E.O. of the investment platform OpenInvest, which lets financial advisers adjust client portfolios based on companies’ openness on political spending. The platform uses an annual ranking of S&P 500 companies based on their politics and lobbying disclosure policies.

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Lina Khan, a Big Tech critic, is expected to be nominated to the Federal Trade Commission.

WASHINGTON — President Biden is expected to name Lina Khan, a law professor and leading critic of the tech industry’s power, to a seat on the Federal Trade Commission, a person with knowledge of the decision said on Tuesday.

An appointment of Ms. Khan, the author of a breakthrough Yale Law Journal paper in 2016 that accused Amazon of abusing its monopoly power, would be the latest sign that the Biden administration planned to take an aggressive posture toward tech giants like Amazon, Apple, Facebook and Google. Last week, the administration said Tim Wu, another top critic of the industry, would join the National Economic Council as a special assistant to the president for technology and competition policy.

Ms. Khan recently served as legal counsel for the House Judiciary’s antitrust subcommittee and was among aides who conducted a 19-month investigation into the tech giants’ monopoly power. The committee produced a report advocating major changes to antitrust laws. Before that, she served as an aide to a member of the Federal Trade Commission, Rohit Chopra, a champion of her ideas on antitrust policy.

Ms. Khan, an associate professor at Columbia Law School, would fill one of three Democratic seats on the five-member F.T.C. In December, the commission sued Facebook, accusing it of antitrust violations, and called for breaking up the company. The agency is also investing Amazon for antitrust violations.

Rumors of Ms. Khan’s appointment, which were reported earlier by Politico, immediately sparked strong reactions on Tuesday. Public Citizen, a left-leaning nonprofit public advocacy group, cheered the possibility. The organization and many progressive groups have denounced the F.T.C.’s history — particularly during the Obama administration — for lax enforcement of technology companies. They argue that the federal government’s permissive attitude toward mergers by the tech giants, including Facebook’s acquisition of Instagram in 2012 and WhatsApp in 2014, helped the Silicon Valley companies grow quickly and dominate their rivals.

“The F.T.C. has failed to take on corporate abuses of power including rampant antitrust violations, privacy intrusions, data security breaches and mergers, and Khan’s appointment as a commissioner at the agency hopefully will herald a new day,” Public Citizen said in a statement.

Senator Mike Lee of Utah, the ranking Republican on the Senate antitrust subcommittee, said Ms. Khan would be a bad fit for the job, however.

“Her views on antitrust enforcement are also wildly out of step with a prudent approach to the law,” Mr. Lee said in a statement. “Nominating Ms. Khan would signal that President Biden intends to put ideology and politics ahead of competent antitrust enforcement, which would be gravely disappointing at a time when it is absolutely critical that we have strong and effective leadership at the enforcement agencies.”

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