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Today. I'm John Batchler, the FTC, the Federal Trade Commission.

I welcome Jessica Malugian.

She's going to help me understand something that is, on its face,

extremely unusual conversations about mergers and acquisitions. M&A's. Why? Because there are

sharp differences as to how the United States's FTC should conduct itself in the face of modern business practices.

Jessica is the director of the Center for Technology and Innovation at the Competitive Enterprise Institute.

She's also an Innovators Network Foundation, Antitrust, and Competition Policy Fellow.

Jessica, a very good evening to you.

I did not know of what I did not know, the unknown unknowns of the FTC.

I thought, with the retirement of Mr. Biden and the defeat at the polls of the Democratic

candidate, Lena Khan, the very famous Lena Khan, head of the FTC, a very smart, very, very ambitious

young person, would take to academia, and I wouldn't hear any more about the horrors at the FTC.

But it turns out not so fast, John. The Federal Trade Commission chair is a powerful position. It's now in the hands of a Republican appointee.

But what is not changed, if I read your article correctly at Civitas Outlook for the Civitas Institute, are the rules that proceed from an act of Congress in 1976 called the Hart Scott Rodino Antitrust

Improvement Act of 1976. It seems benign and confusing, but I read everywhere that is in fact

a crusher and keeps firms from acquiring each other or merging or anything that

looks like a business as usual on Wall Street. What is it, Jessica? Good evening to you.

Good evening. Thanks for having me. Yes, admittedly, it might seem a little obscure,

...