Statement of Commissioner Rohit Chopra Regarding the Request for Comment on Vertical Merger Guidelines

The 1984 Non-Horizontal Merger Guidelines should be rescinded, as they represent an antiquated, narrow, and overly permissive mode of thinking that is not reflective of today’s economy or the current approach to enforcement. The US economy is far different than it was forty years ago. Increasing concentration, declining new firm formation, and other market trends necessitate a modernization of vertical merger review. The draft guidelines miss the mark. They are not supported by an analysis of past enforcement decisions, perpetuate an overdependence on theoretical models, and do not reflect all of the ways that competition can be harmed. Any new guidelines must establish a comprehensive framework for assessing the modern threats to competition posed by prospective vertical mergers.