Federal Agencies Propose Updated Merger Guidelines Formalizing Heightened Antitrust Scrutiny

July 24, 2023 - On Wednesday, July 19, 2023, the Federal Trade Commission and the U.S. Department of Justice Antitrust Division published a much-anticipated draft update to their Merger Guidelines. In an accompanying joint press release, the agencies asserted that the draft Guidelines would "better reflect how the agencies determine a merger's effect on competition in the modern economy and evaluate draft mergers under the law." The draft Guidelines reflect the heightened antitrust scrutiny that the Biden administration contends is necessary to combat increasing consolidation that has reduced competition in the U.S. economy over the past several decades. Commenting on the draft Guidelines, Attorney General Merrick B. Garland noted that "[u]nchecked consolidation threatens the free and fair markets upon which our economy is based" and that the draft Guidelines will enable the agencies to "transparently and effectively protect the American people from the damage that