Head of DOJ Antitrust Division praises halted mergers

The Justice Department’s antitrust division chief, Jonathan Kanter, is making waves with his aggressive approach to stopping mergers in concentrated markets. Kanter, who has overseen the cancellation of mergers in various industries and secured the first criminal monopolization legal win in decades, spoke at the Anti-Monopoly Summit event hosted by the American Economic Liberties Project.

Kanter highlighted the department’s success in deterring anticompetitive behavior and preventing industry consolidation. He pointed to the more than 20 mergers that were abandoned in response to the antitrust division’s concerns in the last two-and-a-half years as evidence of the impact of increased enforcement.

The Justice Department’s victory in a criminal anti-monopoly case in 2022 further solidified Kanter’s commitment to cracking down on anticompetitive practices. The case involved an asphalt contractor who pleaded guilty to violating the Sherman Act by attempting to establish local monopolies in highway crack-sealing projects.

The push for stronger antitrust enforcement is part of a broader initiative to increase commercial regulation across various government agencies. This crackdown has sparked backlash from businesses and merger attorneys who feel that officials are hindering commerce. However, bipartisan support for reining in corporate power is gaining momentum, with lawmakers like Sen. J.D. Vance and Ways and Means Committee Chairman Jason Smith expressing support for tougher antitrust measures.

Economists have also raised concerns about the impact of market consolidation on inflation and market power. Research has shown that increased market power can lead to declining labor and capital shares, as well as decreased labor market dynamism.

As the debate over antitrust enforcement continues to evolve, Kanter’s efforts to promote competition and prevent monopolistic practices are reshaping the landscape of business regulation in the United States.