FTC Fit to its Purpose: Responding to Kovacic’s Market Investigation Proposal

Abstract: The U.S. antitrust agencies function as law enforcers and competition advocates. Giving the Federal Trade Commission market investigation and remedy powers like those of the UK’s Competition and Markets Authority would transform the FTC into a market regulator. This kind of authority would be a poor fit for the FTC, given the very different history and context of the U.S. economy and laws – particularly the role of judicial process. The agency should focus on using its existing market study tools to remain abreast of market developments, to guide its own enforcement initiatives, and to provide input to sectoral regulators and legislative bodies on how to enhance competition.