Mon Sep 09 16:10:40 UTC 2024: ## Wall Street Heavyweights Pressure Harris to Oust FTC Chair Lina Khan
**Washington, D.C.** – Powerful Wall Street donors are pushing Vice President Kamala Harris to fire Federal Trade Commission (FTC) Chair Lina Khan if she wins the presidency in 2024, according to a report by Bloomberg.
Khan, appointed by President Biden in 2021, has been a vocal advocate for stricter regulation of big tech and other industries. Her efforts have drawn criticism from powerful figures like billionaire donors Barry Diller and Reid Hoffman, who accused her of “waging war on American business.”
While Khan enjoys support from progressive lawmakers like Senator Elizabeth Warren, her tough stance on mergers and acquisitions has ruffled feathers in Silicon Valley and Wall Street, leading to calls for her removal.
Despite the pressure, Harris’ campaign has remained tight-lipped about her position on Khan, and donors are not withholding contributions based on this issue.
Meanwhile, the Securities and Exchange Commission (SEC) Chair Gary Gensler has also faced criticism from both Democratic and Republican donors for his aggressive push to regulate the cryptocurrency industry.
Mark Cuban, a “Shark Tank” investor and Harris supporter, has publicly called for Gensler’s replacement, expressing concern over the SEC’s approach. Former President Donald Trump has also pledged to fire Gensler if he wins the Republican nomination.
Experts argue that both Khan and Gensler have prioritized policy over compromise, leading to a blurring of lines between political agendas and regulatory decisions.
The FTC’s attempts to block Microsoft’s acquisition of Activision Blizzard and the Kroger-Albertsons merger, along with the SEC’s crackdown on crypto, are examples of the agencies’ aggressive stances.
These developments raise concerns about the increasing influence of political pressures on regulatory bodies that are traditionally meant to operate independently.
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