Bloomberg Audio Studios, podcasts, radio news. The FDC is not taking its foot off the gas when it comes to enforcement action.

Bloomberg Audio Studios, podcasts, radio news. The FDC is not taking its foot off the gas when it comes to enforcement action.

Now.

Now.

That's according to its chairman, Andrew Ferguson. We sat down with them earlier today to discuss the FDC's mission under the second Trump administration and how he will approach dealing with big tech.

That's according to its chairman, Andrew Ferguson. We sat down with them earlier today to discuss the FDC's mission under the second Trump administration and how he will approach dealing with big tech.

Just take a listen.

Just take a listen.

I think if you are a big tech company, you should be getting your lawyers to give you great advice on complying with our competition and consumer protection laws. Look, I don't have a particular acts to grind within the industry, but I do think it's very important that the FTC devote its resources to the markets that Americans most frequently engage with. It's not just big tech, although that's definitely one of them. It's also healthcare, and it's protecting American as laborers. But no matter who you are, I think it's important to proceed like the FTC is a vigilant cop on the beat.

I think if you are a big tech company, you should be getting your lawyers to give you great advice on complying with our competition and consumer protection laws. Look, I don't have a particular acts to grind within the industry, but I do think it's very important that the FTC devote its resources to the markets that Americans most frequently engage with. It's not just big tech, although that's definitely one of them. It's also healthcare, and it's protecting American as laborers. But no matter who you are, I think it's important to proceed like the FTC is a vigilant cop on the beat.

We're surveying them markets.

We're surveying them markets.

We're looking for competition problems, we're looking for violation of the consumer protection laws, and if we.

We're looking for competition problems, we're looking for violation of the consumer protection laws, and if we.

Think they're there, we're going to go to court.

Think they're there, we're going to go to court.

But most importantly, if we don't think that there are problems, it's really important for the FTC to get out of the way. Again, one of the most consistent complaints that I've heard about the previous administration was a lack of certainty and a tendency to want to do a lot of regulating the FTC.

But most importantly, if we don't think that there are problems, it's really important for the FTC to get out of the way. Again, one of the most consistent complaints that I've heard about the previous administration was a lack of certainty and a tendency to want to do a lot of regulating the FTC.

We're not regulators. We're cops on the beat.

We're not regulators. We're cops on the beat.

We police for competition problems and consumer protection problems, but we're.

We police for competition problems and consumer protection problems, but we're.

Not trying to regulate the economy.

Not trying to regulate the economy.

We want to create economic conditions that allow companies to innovate, to grow, and to help lift the whole country out of this debt crisis and bring about the golden age that President Trump has promised the American people talk.

We want to create economic conditions that allow companies to innovate, to grow, and to help lift the whole country out of this debt crisis and bring about the golden age that President Trump has promised the American people talk.

About striking that balance because many would say, if I look at Europe, they regulate too much. There's too much enforcement. But in many ways they're being a strict coup on the beat. Some would say, so from your perspective, are you seeing overregulation and you Europe And is there a worry about stifling innovation in the United States by the amount of focus you have on big tech right now?

About striking that balance because many would say, if I look at Europe, they regulate too much. There's too much enforcement. But in many ways they're being a strict coup on the beat. Some would say, so from your perspective, are you seeing overregulation and you Europe And is there a worry about stifling innovation in the United States by the amount of focus you have on big tech right now?

Well, I do think that Europe has a real regulatory problem. It has an innovation problem, and we definitely don't want to create conditions here in the United States that suppress innovation. But I think it's important to bear in mind monopoly suppresses innovation. Monopoly makes it very difficult for little companies with the next.

Well, I do think that Europe has a real regulatory problem. It has an innovation problem, and we definitely don't want to create conditions here in the United States that suppress innovation. But I think it's important to bear in mind monopoly suppresses innovation. Monopoly makes it very difficult for little companies with the next.

Great idea to sort of rise.

Great idea to sort of rise.

And I think it's very important if we want to sort of preserve the American innovating spirit, that we create conditions in our economy that allow little tech who have the next great ideas, the next life changing ideas for all Americans to thrive. President Trump has been pretty emphatic on the importance of making sure that our economics system allows little tech to bring its ideas to market. And that's what antitrust really does, is it prevents monopoly, and monopoly stifles innovation. So if the antitrust cops are vigilant and are making sure that they're protecting us from competition problems, it allows the innovation that has made America and our economy sort of the driving engine of the whole world.

And I think it's very important if we want to sort of preserve the American innovating spirit, that we create conditions in our economy that allow little tech who have the next great ideas, the next life changing ideas for all Americans to thrive. President Trump has been pretty emphatic on the importance of making sure that our economics system allows little tech to bring its ideas to market. And that's what antitrust really does, is it prevents monopoly, and monopoly stifles innovation. So if the antitrust cops are vigilant and are making sure that they're protecting us from competition problems, it allows the innovation that has made America and our economy sort of the driving engine of the whole world.

What deals do you think can get done? Is there any prescription you can give us to this MNA will look good if you are a big tech ying a little tech.

What deals do you think can get done? Is there any prescription you can give us to this MNA will look good if you are a big tech ying a little tech.

I think that the deals that can get done are the deals that are lawful. And I think the most important thing I want to take away from this is I see it as my job to scrutinize deals consistently with the timeline Congress created.

I think that the deals that can get done are the deals that are lawful. And I think the most important thing I want to take away from this is I see it as my job to scrutinize deals consistently with the timeline Congress created.

And our antitrust laws.

And our antitrust laws.

And if we think that they are illegal and we think that we can win in court, we're going to go to court. But if we don't think that they are illegal or we don't think we can win in court, the FTC is going to get out of the way again.

And if we think that they are illegal and we think that we can win in court, we're going to go to court. But if we don't think that they are illegal or we don't think we can win in court, the FTC is going to get out of the way again.

I've heard this complain a.

I've heard this complain a.

Lot from the business community that in the previous administration, a deal would enter the FTC and it would sort of disappear, and sometimes it could disappear for months while you know, novel ideas were loaded, different theories, and sometimes it sort of seemed like the FTC was hoping that deals would die on the vine while they waited for regulatory clearance.

Lot from the business community that in the previous administration, a deal would enter the FTC and it would sort of disappear, and sometimes it could disappear for months while you know, novel ideas were loaded, different theories, and sometimes it sort of seemed like the FTC was hoping that deals would die on the vine while they waited for regulatory clearance.

I want nothing to do with that.

I want nothing to do with that.

If a deal is illegal and I think we can win in court, I'm going to go to court. But if it's not, we're going to get out of the way and we're going to let deals go forward.

If a deal is illegal and I think we can win in court, I'm going to go to court. But if it's not, we're going to get out of the way and we're going to let deals go forward.

M and A is part of how the economy grows.

M and A is part of how the economy grows.

It's an important part of fostering a system that allows for innovation and dynamism. But we have to make sure that we don't create monopoly, and I see that as my job. If we think there's a monopoly problem, then the government's going to intervene. But if not, we've got to get out of the way as quickly as possible and let the economy grow.

It's an important part of fostering a system that allows for innovation and dynamism. But we have to make sure that we don't create monopoly, and I see that as my job. If we think there's a monopoly problem, then the government's going to intervene. But if not, we've got to get out of the way as quickly as possible and let the economy grow.

Does the AI space look like it's thriving or do you worry about monopolistic behavior there?

Does the AI space look like it's thriving or do you worry about monopolistic behavior there?

Yeah, I think it is extremely important that we protect competition in the AI space, But I think it is equally important that the government not race to regulate AI. Vice President Vance's speech in Europe on AI, I think is about the perfect way to thread this needle. We've got to ensure that there's competition. We got to ensure there's competition because competition promotes promotes innovation. But we can't have the government come in with a heavy regulatory hand and stifle innovation. Again, we don't want monopoly stifling innovation. We don't want big government stifling innovation. And admittedly that's not an easy needle to thread, but That's how I think about it, is protect competition, but don't over regulate AI, because that's exactly how we're going to kill the innovated prospects of AI.

Yeah, I think it is extremely important that we protect competition in the AI space, But I think it is equally important that the government not race to regulate AI. Vice President Vance's speech in Europe on AI, I think is about the perfect way to thread this needle. We've got to ensure that there's competition. We got to ensure there's competition because competition promotes promotes innovation. But we can't have the government come in with a heavy regulatory hand and stifle innovation. Again, we don't want monopoly stifling innovation. We don't want big government stifling innovation. And admittedly that's not an easy needle to thread, but That's how I think about it, is protect competition, but don't over regulate AI, because that's exactly how we're going to kill the innovated prospects of AI.

You started all of this by talking about the very close look you're going to take at every enforcement action that's out there at the moment, whether you pursue it or not. But just that assessment takes a lot of labor. You've also said you've got the resources. I know everyone's been to asking you about what this lawyer said in court yet last week regarding the Amazon Prime deal, and ultimately you've been saying he was wrong, and they came out and said that, no, we do have enough resources, even though he said there's an extremely severe reasils shortfall in terms of money and personnel at the FTC. Have you got the right amount to people and how are you living up to Doge's necessities to slim.

You started all of this by talking about the very close look you're going to take at every enforcement action that's out there at the moment, whether you pursue it or not. But just that assessment takes a lot of labor. You've also said you've got the resources. I know everyone's been to asking you about what this lawyer said in court yet last week regarding the Amazon Prime deal, and ultimately you've been saying he was wrong, and they came out and said that, no, we do have enough resources, even though he said there's an extremely severe reasils shortfall in terms of money and personnel at the FTC. Have you got the right amount to people and how are you living up to Doge's necessities to slim.

Down Well, I didn't say that the lawyer was wrong. The lawyer said the lawyer was wrong.

Down Well, I didn't say that the lawyer was wrong. The lawyer said the lawyer was wrong.

He filed something almost immediately after his statements to the court explaining we don't have the resource constraints that he thought.

He filed something almost immediately after his statements to the court explaining we don't have the resource constraints that he thought.

We don't have resource constraints. I've said from day one.

We don't have resource constraints. I've said from day one.

We've got the resources to litigate these cases.

We've got the resources to litigate these cases.

That remains true. But I also want to be clear.

That remains true. But I also want to be clear.

I think that the President's efficiency agenda is one of the most important things going in government right now. Government should not be any larger than necessary to deliver the services and protections that the American people deserve and that the FTC.

I think that the President's efficiency agenda is one of the most important things going in government right now. Government should not be any larger than necessary to deliver the services and protections that the American people deserve and that the FTC.

Look, we're a lean operation.

Look, we're a lean operation.

Our budget is less than half a billion dollars, we've only got around thirteen hundred employees, and we deliver a lot of value for the American people. But we have got the resources we need to deliver on our competition mandate, our consumer protection mandate. But we're all always looking to be as efficient as possible.

Our budget is less than half a billion dollars, we've only got around thirteen hundred employees, and we deliver a lot of value for the American people. But we have got the resources we need to deliver on our competition mandate, our consumer protection mandate. But we're all always looking to be as efficient as possible.