Capital One/Discover Deal: Rumored Concerns Lack Substance

By: Michael L. Weiner & Rachel Carlo (Steptoe Antitrust)

In this article for Steptoe, authors Michael L. Weiner & Rachel Carlo look at the leadership landscape shaping up at the Federal Trade Commission (FTC) and the Department of Justice’s Antitrust Division under President Trump’s second administration. While the spotlight has largely focused on Trump’s high-profile picks—Andrew Ferguson to lead the FTC and Gail Slater to head the DOJ’s Antitrust Division—less attention has been paid to the rest of the enforcement leadership taking shape. In line with the belief that “personnel is policy,” the article offers a concise overview of the new leadership teams and explores what their backgrounds and priorities may signal about the direction of antitrust enforcement under Trump 47.

Federal Trade Commission
Bureau of Competition

Although the FTC is currently operating with two fewer Commissioners, Chairman Ferguson’s leadership team is coming together and beginning to set the tone.

Daniel Guarnera – Director: Guarnera arrives at the FTC following his tenure at the DOJ’s Antitrust Division, where he led the Civil Conduct Task Force. During his time there, he played a central role in major monopolization cases against tech giants like Google and Apple, as well as enforcement actions in the labor market arena. Chairman Ferguson highlighted Guarnera’s qualifications by noting, “Few lawyers in America have as much experience taking on Big Tech as Dan. He also has experience using the antitrust laws to promote competition in labor and healthcare markets—two of my top priorities.”

David Shaw – Principal Deputy Director: Shaw is a seasoned antitrust lawyer with substantial DOJ experience, including time as a trial attorney and acting chief of staff during Trump’s first term. He was a member of the trial team in the DOJ’s landmark vertical merger case—the first in four decades—and played a key role in leading Big Tech probes. He also helped coordinate bipartisan support among state attorneys general in the DOJ’s Google search monopolization lawsuit.

Taylor Hoogendoorn and Kelse Moen – Deputy Directors: The selection of Hoogendoorn and Moen offers fewer direct clues about Chairman Ferguson’s strategic direction. Hoogendoorn, previously a litigator at Susman Godfrey and a former clerk to Justice Alito, has been described by the FTC as a “talented litigator with expertise in a wide range of litigation.” This choice may reflect Ferguson’s self-identification as a litigator who values practical courtroom experience. Moen, for his part, brings both public- and private-sector antitrust experience to the role. He most recently served as senior counsel to Senator Lindsey Graham on the Senate Judiciary Committee, where he focused on issues related to antitrust, technology, and intellectual property.

Bureau of Consumer Protection

Christopher Mufarrige – Director: Formerly Chief of Staff and Attorney Adviser to Commissioner Melissa Holyoak, Mufarrige has now been tapped to lead the Bureau of Consumer Protection. He previously served as a senior adviser at the Consumer Financial Protection Bureau during Trump’s first term. In announcing the appointment, Chairman Ferguson stated, “The Bureau of Consumer Protection with Chris at the helm will work every day to protect the American consumer from fraud, and to safeguard children when they are online.”