alongside you of the dedicated professionals in the antitrust division. >> also. thank you everyone. thanks everyone for being here today. we look forward to an exciting >> very conversation. the federal trade commission a justice department, ♪ ♪ was a summit on enforcing antitrust law and consumer protection, this session will hear from biden administration officials including agricultural secretary, tocqueville stock u.s. trade representative katherine tai and consumer protection bureau, rohit chopra, this is just over an hour.

>> hello get everybody is wonderful to see so many familiar faces in the room and certainly, i'm sure were joined by many wonderful people members of our community. in 2021, president biden signed an executive order, promoting competition in the american economy, which called for the whole of government approach the competition policy and i can say that it is the most important and most impactful document regarding competition policy, certainly in my lifetime. it is generated extraordinary benefits already but pioneered, in whole of government approach to competition policy. one that is not only made a huge impact but as transformed the

way we think about competition policy in the united states and is generated an extraordinary gathering of people today. for those in the antitrust community they see the extraordinary this english channel we have today speaks volumes and so, they only very little introduction and so i will just introduce them running will get right into it because i am sure that everyone here is particularly interested in hearing from them. first left is, the secretary of the nancy secretary of agriculture, tom vilsack. investor katherine tai from the u.s. trade representative. director the cfc be, rohit chopra a forclosure, german of e industries exchange commission gary gensler and last, but certainly not least, chair of the surface transportation board, martin overman, thank you for being with us today. >> live at québec.

>> you be wonderful to just start at the outset and explain to us, how you think about competition policy in the context of your agency and your mission.ou maybe tom vilsack you can start us off. >> i thank you so greatly important, we have lost 544970 forms says secretary of agriculture raise concerns about the consolidation of farmland and what we've seen a look horse of the last 40 years is a consolidation of just about everything connected to agriculture and i would see is very hard fore small and midsize farming operations have a shot under this administration came along. we know believable of government, the opportunity that we have worked closely with the department of justice had a partnership i thank you so resulted in fair opportunities for farmers ranchers and producers in rural america but will see this is a whole usda basically pattern that process within usda would look at the regulations and we look at our investments and w we've also

looked at opportunities for partnership. partners for example not all of the department of justice, have with the other agencies represented here today but also state attorney general for an opportunity to social work in partnership with resources for greater enforcement of the states in the local level and so all of government means for the midwest. we have seen the benefits of the results of it that's wonderful, ambassador katherine tai. >> and so we begin with the tenets of president biden's vision for the economyme which , and economy that would be strengthened and invigorated by moving from the middle out from the bottom up. and, the competition pieces obviously there are three main pillars to invite an economic approach of their investments that we have not made in a very long time.

there's impairing educating workers who are the backbone of our economy and then, third pillar is competition competition policy and policy circles and i think it is very apparent talks with the means, i think that when we break it down, what it really means is what we arel trying to do throuh all of our economic efforts in all of the economic disciplines, it is to create more economic opportunity, to democratize the opportunity and for us, it is really the bottom of middle out vision, this in opposition to a trickle down approach to you important us because the trickle-down approach is really informed our processes as well as are flying to set past many decades. for the assumption was that if you formulated trade policy and

executed them in a way that benefited the largest american economic stakeholders, the most well resourced some of the most sadly, that would naturally be a proxy for, the interest of those stakeholders the workers, and the communities that work in. and what we have seen over time is the limitation of the trickle-down approach, domestically and also internationally so the means for us that ucr is through our process and in terms of engage with her stakeholders and wish stakeholders, that we are now turning to bring to the table. traditionally, maybe under appreciated and under heard stakeholders come to the policies themselves are asking that question, how do we create policies which of the policies were they look like, if they are to benefit a more broad set of stakeholders and said they been the smallll and medium, the

startups. and individuals. >> doctor rohit chopra, thank you get for hosting this and it is really going to see a lot of my former ftc alex here as well as those from the international enforcement agency. i have gotten a chance to let me know what rebuild on what secretary tom vilsack and ambassador katherine tai have said i think we are looking at competition now. not just as this thing to the side, but as a core part of how we want to build the economy. it also how we want people to feel they have power in it. i think what i think about the workrk at the cst become of the competition's feel fundamental for the people's lives. what is the race they will be able to get there mortgage at. how much will they have to pay on the credit card. in the things that are so much about the monthly bills.

i think that we see in so many sectors of the economy, the people basically feel bullied or conversed into paying junkies and into paying much more for something that a competitive market would normally serve. so we actually hear have a very clear statutory command for the congress. to make sure the markets are fear transparent, and competitive. so we are trying to think of all of the ways in which people are spending and swiping and borrowing, and how can we shift, billions and billions of dollars back to them using all sorts of tools card and we really rethought our approach regulations we really every thought how we are looking and guiding and diagnosing the problems of marcus and at the end of the day. we now see this as a fundamental

tenet of how the agency will address this work and i think now heading into the future. >> thank you. >> chair gary gensler. >> i don't think you for sharing this but also bringing us together competition is at the core hope we do the securities and exchange commission in a stable weight, why is that worried look in the 1930s, we were set up because there was a collapse in trust in the capitol markets.ar and president roosevelt and congress were to make sure that we are disclose rages and you get the information that you can make an investment decision and also they addressed integrity and deeply come there wasep a problem the problems in the capitol markets of the time. but actually president ford, 40 years later came and infused the session at once or twice, but in 20 different places, competition in the problem was, president ford understood this in the 70s, the problem was the

finance tends towards centralization has been true since until you become a that's a structural thing about the advantages that come from having centrality in the capitol markets for the pricing of financial assets happen and also the time the 70 by the we had fixed emissions we have the whole with new york stock exchange's and so forth and back and so, that mandate helps the american public in a pfizer 330 million americans, the investors. the issuers because the restoring for the mortgage market in their student loans ultimately through the capitol markets for the sorting small businesses aren't they work with big businesses access and cover the market itself from prison enforced work, interestinglyly during president biden's in 1996 congress, said that every rule under rulemaking in every sort of major thing that we do, we

have to look at the efficiencies, competition and capitol formation think about that, congress did not just resident for some of the prison clinton québec and efficiency well so we are infused with it, we are looking for the republic to update competition and the equity market. which by the way is about 50 or $55 trillion in size that the stock market doing in the u.s. treasury market. that is how we fund our government if you want to lower this funding cost toos you and something called private funds. we believe it or not larger than the entire banking system. the hedge funds, private equity and so forth. so, it is infused right in the mandate. because congress and presidents told us that they had to be. we take it seriously. >> thank you.

>> will first because i'm going to be retiring soon, entitled to stress i think we would be remiss if we do not congratulate for the brilliant performance here. [laughter] >> absolutely.[l [applause] [applause] >> she was able to get a lot of what were all doing appear is very understandable. very impressive in a very jealous and the well so i have the honor with all the respect thing the body regulates the most professional monopolist in the country. my. [applause] >> you were not going to be without. >> modo. they banana for 200 years ever since they were formed and of course tributes in part of the farmers led to the creation of the first administrative a few agency histories commerce commission. for the commission. in the industry hard times by 1980, had it was way

overregulated in any railroads in the bankruptcy and so congress passed the famous act which was substantially deregulatory and also encouraging consolidation some merit to that pretty but the pendulum has swung we do park so when i think about competition of course, has the lack of competition in our industry and we went from between 40 and 70 - depending on who you asked them to only six railroads status ever all of the united states and canada. which means for you very significant percentage, the real super some of the captive to one railroad. sometime in the early to thousands of the big consolidation wall street, i discovered that the roads have become monopolies our best, you always across much of the country they realize that those situations had to be exploited

is precisely what is happened of the last - 15 years the railroads affected like monopolist always act they raise their prices have ♪ ♪ services and on this and really jacked up the profits largely by greatly reducing the workforce the railroad they fired about 30 percent of the workers in the last decade 45000 people. real and raw services greatly deteriorated we are supposed to emphasize competition and it is in our statute pretty is very hard have competition where the entries are almost is nobody's going to build a new railroad. so we have to push as much as we can we don't like to overregulated the railroads say that you should but the marketing term things. and i say yes the market is the ideal way to do things but for that to happen you have to have a market. and for most places them of their marketing so those are the

issues that we confront and i'll talk a little bit more about the specifics of what we have been accomplishing needs to be accomplished. we should keep in mind, 40 percent of all long-distance moves on rail although freight and the economy cannot survive without rail. the average consumer does not know about it and they don't not by a lot of rain thereby bread but the way the railroad handles, goes directly to without loaf of bread costs. if you keep an eye on it and i will say is chairman of an independent agency, we're a little bit different relationship to the white house executive order but the good coincidence for me is that my views competition real industry solely parallel with the president was trying to do so we been able i think to work very

much in tandem and i think this competition counsel has been a v very reinforcing force throughout m government and related helps the momentum inside of my agency i think. and helps me my leadership role, to push everybody towards him for sizing improving competition so is the significance of that. suet thank you and is truly remarkable hearing all of you, the administration and the whole of government approach is an incredibly coherent and sophisticated way to think about competition policy. that affects the and it affects equities market and effects trade, joe fees but the og topless in the railroads. and it is truly exceptional, to experience what we hear from all of these today which is that this is a common thread. it is a common name, that goes

into policymaking across our government. along the lines of chairman was discussing about the executive order the optician castle it might be interesting to hear from you about your views of the competition counsel. the opportunity to work together with the agencies across the government and how you think that it has changed if at all. you are approaching the government's approach thinking about competition policy. >> was on the fan, think it's created more juice now in our efforts have the opportunity to work collaboratively with the department of justice on the website encouraging the farmers to the snow when they think there's something going on theac marketplace at some point right. this has led to the prosecution of several opportunities between our two agencies give farmers a better shake and a better opportunity heard opportunity for us to work with the u.s.

trade office might seem strange people but in this e-business is been a consolidation of c companies and maybe in the way in which the path mostly use, maybe allow them to essentially expand their power in the areetplace and now we working collaboratively with the pattern trade office so the farmer's voice is being heard when patents are being reviewed this gives us an opportunity to be spent significant like the opportunities in the space. i think that the council hasmp actually played competition with in the departments and agencies of government look at maybe one better and say our friends over here, similar financing a holy to have price with u.s. labeling basically allows folks who understand and appreciate when they are buying something this is product from the u.s. and actually means it that meverything was done that animl and is assisting raising is so hard all that in the u.s. heard

leaders. this opportunity for little healthy competition withinn the council. and certainly encouraged us a voice to invest in expanding opportunity as well. >> that is wonderful, katherine tai. >> it is interesting this whole government approach, i think that you see it across the board and i a little bit different for each of us. but when you look at that that is a whole, it is a comprehensive and consistent read from you is to your perspective i think that the important part of where we plug-in is this bottom-up to make a small singing that's a guiding principle for domestic economy.om it's also guiding principle for how we engage in international relations and policies. we are trying to do the biden vision is, we not only build and strengthen her middle class. home, how do we do that in

partnership with the markets and other countries the same time. but in terms of the consolidation and conservation that we've seen in our domestic market, that the domestic competition enforcers are taking on some admirable plea so clearly. the international market is marketed by similar dynamics of concentration until a consolidation that is similar arms for consumers workers, academic gross models i think that was clear to us is that justice the domestic context,, but are anti- monopoly champions, to try to buy for security, and liberty and so we doing that in the international context. you look at this point team challenges you look at today, marked by concentration and consolidation under the

supply-side side majorities that we encounter every single month feels like. they gives us a lot of inspiration to carry over a lot of the principles from the domestic competition fight into the international content and assembling the scenario where secretary bill second life altogether is part of the bid, and we also see the challenges of monopoly, not just monopolies of the supply-side, but where you are beholden to consumer consolidation and power. in that regard, a lot of what we do in partnership with usda, his conservative kind of a push for the diversification of export markets for our farmers and also a timpani not just the big corporate interests in the united states the move of the small medium especially popovers looking for opportunities to

create more export access for them. >> swings are now. >> yes we have a script a promise that we will go to a qualified to do a little bit of a have to have, not just to the president, but also to two individuals that run the council, brian the head of the national economic council. no-brainer, who share this counsel. understood, the role of council sometimes is just convening mechanism the white house kisses altogether the secretary tom vilsack said he creates healthy competition to get in the room was every three or five months or so. under the one of the page like but in my cabinet department or actually say or accomplish and so there's little bit of a well brian and they've been good a kind of the little bit of healthy competition amongst the agencies. and i would say that is positive number two, have learned a lot from my colleagues every time secretary tom vilsack or

director rohit chopra same with are doing and say they are very messagingg people. like how you can come up with all of this and you can't move policy in washington unless you can explain it to the public. and secretary tom vilsack and they would commandwo and then brian would get the problem is and i would think while gotta be little bit of a connecting with the american public over doing here at the fcc which is a more technical piece of it. serious sort of stuffca of the council, i would say we've been really lively concert conversations with a with a transmission with other agencies of the justice department, about competition in the u.s. capitol markets which have benefited us. in one topic that we have had someone on the side of the council, talk a lot about concentration and clout provision in an artificial intelligence and before bruce

reeves stood up and say i council we were talking about a.i. because we have a supply chain risk there as well of the supply chain risk, just the top three providers in the u.s. coming into the names talk to about 75 percent of the use the top two. and of artificial intelligence is built on top of that and that's exactly what we see, we will see economic grants, we will also see financial stability of them also. the challenges with the first time that have you got a chance to talk about this with colleagues across the whole of government, was an brian eating counsel so i just mentioned sometimes it just as the lighting on important topics of the change in technology. >> yes an important opportunityr to learn from each other which is you know critical to her perspective missions. as for the work regarding this,

maybe so if you can help animate work by highlighting specific achievements or areas of collaborations that speak for the benefits of the executive order in the whole of government approach and maybe kick us off of this be my sure, so having previously served as an antitrust enforcer, it is really just start to see the shift away in the page turning, that weat have all done. there used to be this view is the silly and you would hear people in the end i trust world say were not regulators and is that that was some sort of complement and in reality, all of this is about markets, creating the opportunities for the markets and i think that when we harking back in the u.s., so much of the way that we have accelerated, competitive intensities is actually throughe

hoops about the capitol rules on the market and about 20 or 30 years ago, our communicationre later fcc issues an order saying the people who take a wireless phone number with them they switch to a new provider these wolves is that what we've all thought about her with the rules we can do to jumpstart loss of competitive intensity on so many different sectors. so eugene i have talked about this one a lot, the copd proposed rules unopened banking. the idea that you as a consumer, can switch more seamlessly without so much bureaucracy redtape. in here getting treated poorly, by your credit card company on your bank, we will provide the way to f fire them. we will provide new ways for you

to take your data with you so that you are able to get better products risen to you at lower prices so when a harness digitization to help people. not just agreed new monopolies. i think a core part of what we are thinking and i think that also come there is a lot of work when it comes to bank mergers. and there's been work that we've been doing across the banking regulators, with his justice department and others about to really put a stop to this creek of consolidation where if you look in the u.s., so many of those thanks in rural areas and towns, they have just totally disappeared and guess what happens right after, lower farm lending in the work small business lending in the community goesss down without so we'vey actually restored sense f rigor and analysis rather than lazily assumingan figures bette.

it is such an important shift, that i think it's really an impending so much of our work. i also want to add, that it has been so good for the economic policy world and here in the u.s., but also oversees. we have always known agriculture, trade, financial regulations, a bulky pillars ofn economic policy. now these antitrust enforcers, art no longer seen as a side dish or seen off in the wilderness. they are at the table. ... of conducting economic policymaking. i think that really has been a fundamental shift i hope we will see round the world as well. quick fascinating. determine if you talk about some of the work you have done in collaboration with other agencies or the executive order?

>> thanks. first i have to say i was informed my first remarks might microphone was turned off. so i now have a different microphone. >> sorry about that her. brickworksurmised numerous firsd to the city council 49 years ago mayor daley did not like what i was saying but he would cut off my microphone. [laughter] now i'm ending my career it's coming back. [laughter] cooksey remarks were excellent. [laughter] i don't think jonathan cut you off at picnics on the sure he surelylied nothing to do with i. i hope working microphone. so, it may sound surprising one of our most important accomplishments in the last two or three years has been to actually approve what i think is almost certain to be the last of the major t railroad mergers. the merger between the canadian pacific and that kansas city

southern. the statutes under which we operate give transportation board sole legal authority. unlike any other industry. even jonathan does not get to review it. but it gets to file briefs, which they did are extraordinarily helpful. in the work that we did. but it was an important merger because those two railroads were the smallest of the large railroads. separately they were not providing the kind of a leverage in offsetting power against the much much larger railroads. plus, this it merger enabled these two railroads to offer for the first time single-line rail service from canada through the night states it into mexico. particularly the on shoring and nurturing effort that we are going to be seeing in the next few years having that kind of seamless rail service is very

important. most importantly for purposes of competition what is happened since that merger is other large railroads have made arrangements for their own service. railroads always work together to offer competing service for the single-line service between canada, the united states, and mexico reducer opportunities none of the roads were stimulated to deal with them because they didn't have too. once the merger began to show theho benefits of that service e have now seen several other competing lines to move traffic. it's really been helpful in an industry which is almost no competition. ironicallyca what we did in that merger really helped. we also had do have strong conditioning authority we put in very stringent conditions on the merger to keep open all

pre-existing gateways. wherever shippers have opportunities to interchange with other railroads which might be cut off by this merger, those are required to be kept open permanently on commercially reasonable terms. a very important condition. we instituted a seven year post mergert monitoring. the largest in history and that merger. that was really a significant achievement to try to protect what competition we can. a couple of other things to mention because we cannot in all cases create competition. we found in the spring. of 2022, because of the decrease in workforce and cutting back on services and raising prices that rail service had reached crisis proportions in thises country. who severely affecting the economy. we held a series of public

hearings the railroad executives and along with other stakeholdersrs. and held them accountable and a public obsession which calls them to count which is never happened before. as a result of that instituted the last two years a detailed biweekly and monthly reporting on hiring. what were they going to do to replace the lost crews and equally improve service levels. i have improved regulatory effects. i would savor the next moment they talk about further competitive access efforts but these are ongoing and not quite

done yet. but those are couple of the main things. >> thanks for the opportunity to talk about how we have been able to utilize the competition counsel, the executive order to come a whole of government approach. it will be helpful to think a little bit about what the road ahead would look like. help us understand what you are thinking about going forward i'm the first person to come back to the department of agricultural job. having served in the obama administration. what's made can be unmade. it's incredibly important for us to continue to build the momentum. that means more work on the stockyards act which is probably one of the fundamental tools for trying to balance the relationship between integrators and poultry producers for example. eight p marketplace has become incredibly efficient but very unfair to producers.

we worked with the department of justice to formulate rules and regulations that provide for greater transparency to focus on acts of discrimination, retaliation basically provide farmers a better opportunity to protect themselves in that marketplace. i think we have to go a bit further. the system for poultry producers has to be performed and structured in a way that provides better balance. we have to address a prior court cases that made it very difficult for farmers who themselves have been hurt by actions of the integrator perhaps the industry as a whole has not. i think there's work to be done in that space bar there's also work to be done in creating more competition justt generally. we found out during the pandemic thatat while our processing operations were incredibly efficient they were not particularly resilient. there is a disruption of water to plants across the country caused havoc. we have been investing ines

resources to expand processing capacity small and independently owned operators now have an opportunity to offer services is not the big four packing facilities that have controlled the market for severe very long. it is a continuation. a building on the foundation that has been set the last three years. basically looking that we do a good job, to gary's a point, messaging to people why this is important to them so we can avoid a writers in appropriation bills. we can avoid restricting our resources dedicated to this effort work hopefully it strengthen our case when and if any of our rules and regulations are challenged. >> thank you. it is worthth noting prior to te executive order in our work together with our two agencies to might not anti- trust division has never brought a packers and stockyards case

before. that you came along the executive order came along and work together. we've broken that seal and that's really important going forward this is a tool to protect farmers. just by the agencies working together we can do a better job. we can do more. and i have to say when we travel around the country and i speak with people about their experiences and their relationship to competition policy there is no constituency that understands it better than farmers. they live and breed this. not just respect to their own business. the havoc it has in banking, or healthcare, retail. making sure we are preserving a vibrant economy for rural americans and farming communities and family-owned farms is so central to everything we are all doing. >> i can assure the cook case we worked on collaboratively and

the merger sense a very strong message. i think it will obviously result in a much better market opportunity for farmers. >> i agree, i agree. chairman, it will be great to hear from you about what the road ahead lookso like. in light of the exceptional work to establish a framework for leadership going forward. >> the thing i want to address first is a concept called reciprocal switching. embodied in our statutes the congress encapsulate a concept which has been something railroads have done since the beginning. that is a railroads handing off service one to the other. but what it really means in this context as you have a shipper that is a captive soul served by one railroad. but another railroad could serve as that of has access to the incumbent railroads are going to

the plant. i used to be 100 years ago railroads did this regularly. as they consolidated they realize their monopoly powerda t was much greaterer if they did t allow access to other railroads. there is a statute under certain circumstances allows the board to order these reciprocal switching arrangements. until you can see it admittedly provides for competition where there was no competition. the icc limiting switching could be ordered which ended it. there been no reciprocal in over 40de years. about 14 years ago a shipping organization petitioned our board to enact to loosen it up. his been looked at, acted on, thought about for the last 14 years. i've made it my highest

regulatory priority. we are nearing the end. we issued a revised npr m last september that will focus on providing reciprocal switching to shippers who can show the railroad that is serving them as fallen below certain preset metrics. it's impossible to run a large business if you cannot know in your raw materials are coming in. we have undertaken a tremendous amount of work already. bring this rule to fruition. can i tell you what's going to be in it? it has not been voted on yet. about the direction i will be to provide for the availability, more accessible availability of the switching in these cases that is crucial. there are other aspects of the

weight railroads interact with each other. whichever time and memorial been very, very restrictive. the board can explore under our rulemaking powers are complex and it is my view going forward after we get experience the reciprocal switching should be exploring these other ways of providing what is generally referred to as competitive access. the other thing out to focus on this going to be really important for the economy in general but for our board in particular is that wall street pressures on a railroad despitee efforts we have instituted to offset some of those pressures to maintain workforce levels and service levels at higher standards are still there. lester activist investors force out the ceo of union pacific prints the largest railroad and instituted a well-known cost qatar who started work last as ceo immediately began furling

workers and cutting back on infrastructure spending. both of which are very much needed at the economy is going to grow parties answering to the shareholders to put him in there. about two months ago actually starting last fall it became public about two months ago. another group in the news a lot eight and court hedge fund is launching a proxy battle to take over norfolk southern but more the four major u.s. railroads. they are not disguising it, cost cutters to run the railroad. cut back on the growth, this current ceo is under fire because we came into years ago he said were not going to do it this way anymore. we will make morean profits bute patient will take time. wall street to sing we do not want to be patient but we can take profitswe of the railroad immediately if you cut your workforce.fo these battles are going to keep going but i have talked to gary

why doesn't he do something about this? we don't regulate what they can do if they take control. and of course that is right. those are the things we are going to have to keep a close eye on going forward. there may be more hearings, more accountability.il i will say something about the semi- closing remarks. it'sy too important for the economy we cannot function without it. with the road ahead looks like for promoting competition. fcc. your work at the >> owed to say something that probably captures all. being pro- competition it is not only pro- consumer and investor but it is pro-business. like i think i can say this, we are all capitalists.

and yet finance tends towards centralization. it is about the economics of networks. it is something the federal trade commission and all of us deal with in big tech companies. secretary veale sacked you deal with it. obviously the monopoly tendencies or railroads. so the work we are doing looking forward. we haveoioi been working very closely with the u.s. department of treasury and the federal reserve around the u.s. treasury market. that is how we as a nation fund ourselves. ensuring there is good competition there. part of it is not very easy to explain. it's the treasury market. we finished a rule last fall with got to make sure it gets implemented over the next two years. it will help promote trading.

if everyone can come in and trade with each other, there is more competition in the marketplace. also, the road ahead for us is in the stock market. tens of millions of americans buy and sell o stocks for their own well-being. though they aren't looking at it thinking than zero commission this a lot of costs behind the scenes. if you place a retail order today, if you just place was called a market order on a retail app today 90% chance a ghost threeoe or four three or four wholesalers it does h not o to the lito stock market. there is still competition on any given day a third to one alhalf of our stock trading in e

u.s. is not on the exchanges. it's in what's called colloquially the dark market. those are some the bigger projects we are working on at the treasury and the federal reserve to ensure the greater competition in the u.s. treasury market. working in the equity markets. i'll see if we lower the cost in either and helps companies as well. it may not help the dealers in the middle. when i was on wall street i was in wall street for 18 years but there's a saying darkness is our friend.ar that is so a new print volatility was our friend as well. a lack of competition was our friend. the deal is in the middle. it doesn't matter if your diamond dealer, an auto dealer, a loan dealer we don't want competition. competition is really good for the economy. for companies, for investors.

>> jonathan we are all using different technical terms. but in some ways what the sector regulating is veryy similar. is making switching easier whether youas are a consumer, whether you are in investor. they're making sure they're not gatekeeper abuses. a strong economic rents. rent. quickset is the core of it. we are all using different words for it. we are all using different legal tools. i thinks this is what we are trying to do is create consistency on the paradigm of what we are trying to achieve it. use a whole bunch of statutes old and new to do it. antitrust enforcement agencies were thinking deeply but intermediaries. using gatekeepers. and how the gatekeeper power the intermediary power stifling

opportunity that we are encountering in our work across a wide range of endured injuries including so many network industries. it's a common theme coming up in a lot of what we are hearing today. a lot of our respective work to respect the competition. click so true. we have an incredible assembly of international enforcers who think about competition policy around the world. maybe you t can talk to this audience about the experiences you had with competition policy you think are particularly resonant for our colleagues abroad. >> tenant wonderful opportunity to talk about where i have had the most interesting conversations with people about yourself. it is interesting because

enforcement and for you all your jurisdiction is over the domestic market. what's happening in the domestic market. for trade policy we pick up at the border. the interaction between the domestic market and other international markets. what is interesting for me is the translating of concepts connecting that to thehe global. with respect to consolidation, concentration, monopolistic behavior it is not just companies that can exhibit this kind of behavior. a lot of our perspective in terms of addressing global economicba distortions.

whether it's the distortions of overcapacity and overproduction that secretary yellen is talking about o. to this debate around state champions. state champions i think for some of our largest companies and monopolists and oligopolistic. often time the international trade competition what they will say is we are having to compete against large country, large companies lure state champions we have to compete against. your best bet, united states is to get behind us. we can be your state champion. this is the weight you should take on the international economic competition. i think the most important part

of our work together and this connection between the international trade conversation and policy perspective and domestically focused wrote competition economic policy conversation is state champions are no one's friend. state champions, no matter which state is going to be part of that middle out bottom up approach. in terms of my message to enforcers from international jurisdiction, one of the ways in which we are considering changing the shape of international trade policy is to allow for international trade policy to preserve more space for you antitrust enforcers to do your work with more

jurisdictions were at the end of the day everything is connected. but we are trying to do both for ourselves and in terms the shift in perspective is to enable each other. for the middle out bottom out growth. >> at the end here domestically in the united states we are innovating. we are w our best we are creatig opportunities. we are best for theie operatingo compete and thrive as a business. wherever they residetr in. our national champion open competitive thriving market that hasm room for everybody to compete and succeed. it is such an important point.

director, i'm wondering if you have any observations are useful to share? >> a very important case study was in 2019. has proposed creating a new currency, libra. and actually it was out the not theprivacy regulators presee antitrust enforcers who were able to put it down. it was the central bank. his other conduct enforcers and more. the lesson there's so many of you are probably on a treadmill of merger review and constant litigation. it is so important we all deepen our ties between the sector regulators and the enforcer. assistant ag cantor and i have formed a new agreement where we will be referring potentially

criminal conduct that is more appropriate for them to deal with. this is an insight into the anticompetitive mischief that goes on. to be able to share and work together. deep collaboration is one. i think here in the u.s., we have really over the past few years have taken a dramatic turn from thinking about markets the economic textbooks. and more towards financial reality. i think it will meet look at some of the old ways of analysis we were suffering quite a bit in the u.s. on private equity roll ups in the healthcare space. lots of different types of instrumentation throughout sectors of the economy. it did not really compute for antitrust agencies. now i am seeing a fundamental shift to looking at real world

financial experiences. lived experiences of workersce. that analytical shift has really made a difference. and finally, i want to share digital markets are really lurching at digital concentration, lurching in to so much. including agriculture. financial markets, chair gensler talks about the extreme concentration we are seeing in cloud service providers. we see it in so many sectors. i think tackling ai, tackling all of this concentration is not just one set of tools. it is all of these tools. as i reflect cfp be published a report about the future payments talked about apple and google's regulations. we have not seen the united states file a complaint addressing some of those same

issues. all of us need to think about the various tools we have and have a real agenda of promoting competition using rules enforcement together. click so, like all of our panelists to maybe spend a few moments sharing any final observations or thoughts. >> i was prepared to talk a little bit about a particular case we were engaged in. but listen to this panel discussion i'm going to go in a much different direction. i think what i would add to this conversation is i think all of this is raise an awareness on the part of ordinary americans. they are now more sensitive on theve issues because of the collective work of the various agencies. the example i would give, and a friend off mine decided to get tickets onn ticketmaster. the tickets were quite expensive form and some dollars to see the

games. he didn't have any problem spending 40 f bucks for the tict pretty good not quite understand the service charge of 140 bucks was from ticketmaster but i cannot answer that question because it wasn't agriculture related. it occurred to me this is a more sinformed consumer. as we see more informed farmers, as we see more informed investors, as we see more informed folks and export i think we are going to see a groundswell of continued support for the actions we talked about here this morning. >> absolutely, well said. >> some of these remind me what's old is new again. a lot of what we are doing in advancing president biden's vision is to take another crack at president roosevelt, fdr's

vision. in those years after world war ii which were so critical to the shaping of today's world order. economic and otherwise. the brenton wood system was articulated as an opportunity for economic liberalization. but for president roosevelt did it lead to rent seeking consolidation the creation of monopolists to inflate workers. and extort opportunities. the original vision had anti- monopoly as a component. in the years since this system has worked well. but the lack of strong and tight monopoly, the lack of strong worker provision has let us down a path we have more at the

bottom. channeling president biden pointing out profoundly the world we live in right now is the one of multiple inflection points. there is an enormous help doing again the economic order domestically and internationally in getting it right this time. >> hard to follow that one. secretary just mentioned yesterday and today we have two major college basketballs championships. silt lots of people, like it or not are betting on it. i was just reflecting six or seven years ago the two major

betting platforms proposed toor merge here. and you think to your self it was so egregiously illegal. but there is a sense you could get away with it in the u.s. there is no sense of deterrence at all. board rooms were repeatedly engaged in illegal merger, illegal contract. they perceived nothing would happen. occasionally they get stopped but it is worth it. i think we are now thinking more about deterring from the start. you are seeing a lot of the worst abuses in banking i think we are deterring them. mergers deterring them. we do not have the resources to constantly go after crime and then catch and release. now there are sanctions. we are being clear about what will happen and particularly when it comes to repeat

offenders we are changing the way we are doing business. it's not just a monetary fine and you still profit in the end. that reorientation is instilling a bit more trust. but for americans, the lot mean something again and i think that is just really incredibly important. >> to hear consistent messages from across the t government, fm leading officials in the respective areas it speaks volumes about the importance of this policy. it speaksor volumes to would-be wrongdoers. an impact deterrence in such a meaningful way. >> it's hard to compete with this. i said it' had a remarkable message policy and political actors two. but to connect, secretary it might just be a 25% charge one her 40 bucks you can pass it on to your c friend.

when i think of finance, i think of it like an hourglass. there is people who have money and that the neck of the hourglass one trillions, literally trillions of dollars are flowing to the hourglass on any given day of risk and money if you are a gatekeeper hewing to be right at the choke .2. seems like this ticketmaster or whomeverro could take. which are electronic bettinglo partners. by the way the original security laws were competing with state gaming laws. for a reason. i start with president by the executive orders setting up a

competition counsel and so forth. but convening us convening us today like lena and jonathan did i learned a lot on this panel because we learn from each other for i have the disappoint marty via secured exchange cannot help them stop a proxy battle. we are merit neutral. i want to say that for the lawyers here but we are not investor neutral. we are not competition neutral. we're going too continue to lean in. events like this reminds men of the importance of that. i want to thank this extraordinary group of our nation's leaders. hearing directly from the hesources and it's an honor to have you all here.

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