Research
Keep Khan at the Helm: The FTC Chair has Boldly Earned a Second Term
From Blocking Mergers to Protecting Consumers, Lina Khan Deserves to Continue Holding Big Tech Accountable
Highlights
- Billionaire donors Barry Diller and Reid Hoffman have called for Lina Khan’s removal as FTC Chair by a President Harris should she win election in November.
- During her tenure, Khan has held Big Tech’s feet to the fire on numerous occasions, calling out bad behavior, illegal mergers, and anti-competitive policies.
- Khan is the steady, antitrust champion the U.S. needs in an era when corporate greed is out of control with little regulation to rein bad actors in.
A few months ago, billionaire donor Barry Diller called FTC Chair Lina Khan a “dope,” then clarified by remarking, “I said ‘she’s a dope.’ She isn’t. She’s smart but I believe overreaches in disrupting sensible business combinations.”
According to Quartz, Diller confirmed he would lobby the Vice President to remove Khan if she’s elected in November.
That's a problem because billionaires shouldn't be able to pick their regulators. What scares billionaires most is that they'll land right in Lina Kahn's crosshairs, and that's the point.
@andrewrsorkin asks IAC Chairman Barry Diller if he would lobby Vice President @KamalaHarris to drop @LinaKhanFTC:
— Squawk Box (@SquawkCNBC) July 26, 2024
"Yeah, I would. I think she's a dope," said Diller. pic.twitter.com/JFWrsurhhh
Simultaneously, billionaire Democratic donor and LinkedIn (owned by Microsoft) co-founder, and Microsoft Board Reid Hoffman called on Vice President Kamala Harris to fire Khan because the FTC Chair is “waging war on American business.”
It’s no secret or surprise that these particular donors are critical of our nation’s consumer watchdog. Diller’s companies are being investigated by the FTC, and Hoffman is a member of (wait for it) Microsoft’s Board of Directors. The FTC is still fighting Microsoft’s acquisition of Activision, which has already led to mass layoffs after the company promised the merger would be pro-worker.
If waging war on American business means holding Big Tech accountable for their unbounded egos, egregious profits, and unseemly behavior, then yes, she absolutely has. During Khan’s tenure, the FTC has faced down tech giants like Amazon, Facebook, and Microsoft, banned almost all noncompete clauses, sued to prevent grocery heavyweight Kroger from acquiring Albertsons, and stopped Nvidia from attempting a bloated merger. The American Economic Liberties Project has compiled a comprehensive list of Lina Khan’s success, including protecting consumers, halting acquisitions, and holding corporations accountable. An FTC spokesperson has said that “under Khan, the agency has investigated or sued to stop more than three dozen merger proposals.”
At the Fast Company Innovation Festival, Khan said it best: “Dominant firms have been gaining power and been able to exercise that power in ways that [are] concretely and materially harming the American people. I think there’s a very organic and grassroots recognition that we need more vigorous enforcement of the antitrust laws.”
The takeaway is this: the unprecedented growth of industries like Big Tech in a nation with zero guardrails warrants a steadfast government champion to hold tech giants accountable with the safety, security, and prosperity of the American people in mind.
Time and time again, Lina Khan has demonstrated that she is that leader. Big Tech may be “too big to care,” but the FTC’s mission under Lina Khan is “too big to quit.”
And there is more to be done.
As Khan has said, "The FTC has been squarely focused on making sure we're using all of our tools and authorities to protect the American people from illegal business practices. In many ways it feels like our work is just getting started.”
If the Vice President Harris wins in November, she would be wise to keep Khan at the helm. We’d all be better for it.