Federal merger review is conducted primarily by the Federal Trade Commission and the Department of Justice. For roughly four decades, enforcement has been guided by the consumer-welfare standard — focused on whether a deal is likely to raise prices, reduce output, or harm innovation for consumers.
A newer "neo-Brandeisian" movement argues the consumer-welfare standard is too narrow and has failed to address concentration in labor markets, supplier dynamics, political power, and platform competition. Recent enforcers updated merger guidelines and brought higher-profile challenges to vertical and platform deals.
Defenders of the prior framework argue that economic rigor, predictability, and a price-and-output focus have produced clear analytical tools and that broader frameworks risk politicizing enforcement. The debate cuts across party lines.