Wall Street donors urge Kamala Harris to dismiss FTC"s Lina Khan

Wall Street donors to Kamala Harris's presidential campaign are increasingly vocal about their desire for her to dismiss Lina Khan, the current chair of the Federal Trade Commission (FTC). These donors argue that Khan's actions, particularly her efforts to block corporate mergers, are detrimental to economic growth and their potential profits. Prominent figures like Barry Diller and Reid Hoffman have publicly criticized Khan, claiming she is 'waging war on American business.' Diller's company, IAC, Inc., is under FTC investigation, as is a merger involving Microsoft and the AI startup Inflection, where Hoffman is a co-founder. The pressure on Harris to take a stance against Khan has intensified since July, with donors emphasizing the need for her to project a pro-business image if she aims to win the presidency. They believe that replacing Khan would align with this goal, as her anti-monopoly stance is seen as a barrier to corporate interests. Despite the mounting pressure, Harris has not yet made any public or private comments regarding Khan or the broader issue of monopoly power in the economy. Senator JD Vance has defended Khan against the criticisms from wealthy donors, acknowledging that while he may not agree with her on every issue, her approach to tackling monopolistic practices among big tech companies is commendable. This defense highlights the divide between political and corporate interests regarding regulatory practices. As the election approaches, Wall Street donors are expected to continue lobbying Harris on this issue, indicating that her response to Khan could significantly impact her campaign strategy and relationships with influential financial backers.