FTC Chairman Andrew Ferguson on Antitrust Lawsuits and Big Tech

FTC and DOJ Back Antitrust Lawsuit Against Asset Managers

• 🏛️ The FTC and DOJ are supporting a lawsuit filed by Texas and 12 other states against major asset management companies like BlackRock.
• 💡 The lawsuit alleges these firms used their stakes in coal companies to pressure management into decreasing coal output and increasing prices, aligning with ESG goals.
• 🎯 This action is framed as carrying out President Trump's pro-domestic energy agenda and fulfilling his promise of American energy dominance.
• 💰 The core allegation is that these asset managers used their influence to hurt American consumers and businesses by driving up energy prices.

Institutional Investors and Antitrust Law

• ⚖️ The FTC and DOJ argue that the lawsuit correctly applies antitrust laws and protects the role of institutional investors.
• 📈 While institutional investors are vital for the economy, they are expected not to use their power to collude and harm ordinary Americans.
• 🚫 The focus is not on forcing divestment, but on preventing the use of investment stakes to collude, reduce output, and increase energy prices.

Allegations Against Google and Big Tech

• 📧 Republicans have asked the FTC to investigate allegations that Google suppresses emails to conservative subscribers.
• 🔍 Chairman Ferguson stated that the FTC is taking these allegations very seriously, acknowledging a history of big tech firms wielding power to potentially harm consumers, particularly conservatives.
• 📊 The FTC is committed to ensuring big tech behaves competitively and fairly, citing ongoing litigation against Meta, Google, and Amazon.
• 🤝 The overarching goal is to protect Americans from big tech abuses and ensure they play by the rules, as promised by President Trump.

Apple App Store and Private Litigation

• 🍎 The FTC is aware of the private litigation between Epic Games and Apple regarding Apple's App Store policies.
• 🗣️ While not directly involved, the FTC is monitoring such cases as part of its broader effort to ensure competitive and fair practices in the tech sector.