State-level enforcers are filling the vacuum left by federal procedural setbacks and a historic slump in merger investigations, signaling a shift in how corporate consolidation is challenged.
The landscape of American antitrust enforcement is undergoing a fundamental shift as state attorneys general emerge as the primary check on corporate consolidation. A May 7, 2026, analysis reveals a surge in state-level actions, driven by new pre-merger notification laws and a growing frequency of multistate challenges to large-scale acquisitions. This localized push comes at a time when federal throughput has hit a notable low, with only four significant U.S. merger investigations concluded in the first quarter of 2026. This continues a pattern of restrained case counts despite the assertive, pro-competition rhetoric frequently broadcast from Washington.
While federal agencies maintain an assertive public stance, their practical ability to block deals has been hampered by significant procedural defeats. On February 12, 2026, a Texas federal court vacated the Federal Trade Commission’s 2024 overhaul of the Hart-Scott-Rodino (HSR) premerger notification form. The Fifth Circuit reinforced this blow on March 19, 2026, refusing to stay the ruling. Consequently, the FTC and Department of Justice have been forced back to legacy, less burdensome notification requirements, stripping them of the granular data they sought to extract from merging parties during the initial filing phase. This legal setback has effectively stalled efforts to modernize how the government identifies anti-competitive deals before they close.
In response, federal regulators are opening new fronts through parallel public inquiries. The FTC and DOJ launched a joint inquiry on February 22 to reassess how competitor collaborations and joint ventures are governed. The agencies recently extended the public-comment deadline for this inquiry to May 21, 2026, signaling a potential total rewrite of the guidance for cooperative arrangements. Simultaneously, a separate inquiry into the effectiveness of the updated HSR form that took effect in early 2025 is underway, with comments due by May 26. These overlapping review tracks suggest that the agencies are looking to bypass court-ordered limitations by rewriting the broader rules of engagement for horizontal agreements.
The scope of scrutiny is also expanding into institutional policy and labor markets. FTC Chair Andrew Ferguson recently signaled a pivot toward addressing viewpoint competition. In warning letters sent to 42 prominent U.S. law firms on January 30, 2026, Ferguson framed coordinated corporate initiatives—including DEI-related hiring practices and ESG commitments—as potential horizontal restraints under the Sherman and FTC Acts. This approach suggests that the current administration views non-commercial coordination among dominant firms as a threat to the competitive process equal to traditional price-fixing, explicitly framing employer conduct in these areas as a target for expanded enforcement.
As Washington grapples with legal hurdles and shifts its tactics toward high-profile matters rather than broad-based blocking, the burden of protecting small businesses and consumers has largely shifted to the states. These state enforcers are less susceptible to the procedural bottlenecks currently plaguing federal agencies in the Fifth Circuit. By enacting independent notification statutes, states are ensuring that even if federal investigators are sidelined by judicial pushback, local economies remain protected from the fallout of unchecked industrial consolidation. This trend is mirrored internationally, as European authorities pivot toward labor-market antitrust and AI-related competition issues under the Digital Markets Act, adding layers of cross-border complexity for global firms.
This bifurcated enforcement environment creates a complex reality for the modern corporation. While federal merger challenges may be fewer in number, they are becoming more targeted and politically charged. Meanwhile, the steady drumbeat of state-level litigation ensures that the era of easy consolidation remains a thing of the past. For the individual consumer and the small business owner, the defense of the free market is increasingly being fought not in the halls of the FTC, but in state capitals and local courtrooms where the human cost of market power is most acutely felt.
Greg Sanders serves as the Senior Correspondent for Corporate Power and Antitrust at Just Right News, where he brings a principled, conservative perspective to the complex intersection of big business, government regulation, and the American consumer. With a career dedicated to investigative depth and economic clarity, Greg has become a leading voice in examining how the consolidation of industry power impacts the foundational values of the free market and individual liberty.
Raised in Denver, Colorado, Greg’s reporting is deeply informed by the Western spirit of independence and a healthy skepticism of centralized authority. Growing up in the shadows of the Rockies, he witnessed firsthand the importance of local entrepreneurship and the vital role that small-medium enterprises play in sustaining vibrant communities. This upbringing instilled in him a belief that the American Dream is best preserved when the playing field remains level and when competition—rather than backroom deals between corporate lobbyists and federal regulators—dictates success. For Greg, the rugged individualism of his home state serves as a constant reminder that the economy should serve the people, not the other way around.
Now based in Chicago, Illinois, Greg operates from the heart of the nation’s industrial and financial crossroads. His location in the Midwest provides him with a unique vantage point to observe the real-world consequences of corporate overreach. From the boardrooms of the Loop to the manufacturing hubs that define the region, he tracks the movement of capital and the shifting tides of market influence. Chicago’s history as a center of trade and labor offers a rich backdrop for his work, allowing him to bridge the gap between high-level economic theory and the lived experiences of hardworking Americans who feel the squeeze of monopolistic practices.
At Just Right News, Greg’s beat focuses on the “new monopolies” and the rise of “woke” corporate culture. He argues that when corporations become too large, they often abandon their fiduciary duties to shareholders in favor of social engineering and political posturing. His reporting seeks to hold these “Titans” accountable, ensuring that the power of the purse is not used to silence dissent or bypass the democratic process. He is a firm advocate for the idea that true conservatism requires a vigilant defense of competition, preventing any single entity—public or private—from exerting undue control over the lives of citizens.
This mission is most clearly seen in his acclaimed feature series, “The Titans and the Toll.” In this ongoing project, Greg explores the human cost of market consolidation, from the erosion of consumer choice to the decline of local economies. Through rigorous analysis and boots-on-the-ground reporting, he documents how the concentration of power in sectors like tech, agriculture, and finance creates a “toll” paid by the average family.
Greg Sanders remains committed to the idea that a transparent, competitive market is the greatest engine for prosperity ever devised. Through his work at Just Right News, he continues to provide the essential oversight necessary to protect that engine from the encroaching influence of corporate giants and the bureaucratic structures that enable them.