Biden Administration's New Merger Guidelines Criticized as a 'War on Business’
🤝 Biden Administration's New Merger Guidelines Criticized as a 'War on Business’.
Former Treasury Secretary Larry Summers criticized the US government's new rules on mergers and acquisitions, calling it a "war on business." He expressed concern over the 13 fresh guidelines released by the Justice Department and Federal Trade Commission, which aim to protect Americans from monopoly power and promote competitive markets. Summers argued that these guidelines, moving away from an emphasis on lower consumer prices to broader abstractions, pose a substantial risk and might be pushing into problematic territory. He expressed disappointment with the new rules and suggested that the government should have taken the opportunity to rationalize policies rather than intensify the crackdown on business mergers.
President Biden has announced America's strictest vehicle exhaust emissions regulations yet, aiming to push the auto industry towards all-electric cars.