Jonathan Kanter Will Lead Antitrust at the Justice Dept.

Kanter’s past work could raise ethical questions. Both Facebook and Amazon have asked Khan to recuse herself from matters involving the companies at the F.T.C., even though her background is as a legal scholar and not a paid representative for their rivals. (Disqualifying a commissioner isn’t easy.) Asked whether Kanter would recuse himself from cases involving Google and Apple, a White House official simply said the administration was confident that it could move forward with his nomination given his expertise and record. Google did not respond to a request for comment.

He has support on both sides of the aisle, reflecting bipartisan opposition to Big Tech these days. Amy Klobuchar, a Minnesota Democrat who leads the Senate’s antitrust subcommittee, called Kanter “an excellent choice.” Senator Mike Lee, a conservative Republican from Utah, said he was “encouraged” by Kanter’s track record.

But Wall Street may not be as happy with the pick, given a rumored name for the Justice Department post, Sullivan Cromwell’s Renata Hesse, was seen as friendlier to big companies. M..A is at record levels, but scrutiny in Washington on acquisitions has expanded beyond tech to other industries like agriculture, health care and insurance. If Kanter is confirmed as the Justice Department’s top trustbuster, will dealmakers curb their enthusiasm?

HERE’S WHAT’S HAPPENING

Markets are set to maintain their recovery. Stock futures are up strongly this morning after yesterday’s big jump. That suggests investors are taking solace in vaccinations keeping the economic recovery going, treating Monday’s rout as a buying opportunity.

Tom Barrack, the financier and Trump ally, is arrested. Prosecutors charged the founder of Colony Capital, who led Donald Trump’s inaugural committee, with publicly promoting the United Arab Emirates’ agenda without registering as a lobbyist. Over three years, Barrack raised $1.5 billion in funds from the U.A.E. and Saudi Arabia for Colony.

Article source: https://www.nytimes.com/2021/07/21/business/dealbook/kanter-justice-antitrust.html