Would Kamala Harris Deviate From Joe Biden's Antitrust Position As President? A Close Ally Hints It's Possible (CORRECTED)

Editor’s note: This story has been updated to correct the spelling of Kamala Harris’ name.

President Joe Biden‘s administration has received both praise and condemnation for its hardline position on antitrust enforcement. His replacement in the 2024 race, Vice President Kamala Harris, has yet to publicly stake a position on the matter since joining the race.

A recent interview could hint as to the direction of the Harris campaign on regulatory enforcement.

The Interview: Maryland Gov. Wes Moore, an ally of Harris, appeared on CNBC on Wednesday.

Host Andrew Ross Sorkin asked Moore if he believed that Harris would heed calls from the “donor class” to shift away from the Biden administration’s antitrust position, specifically on mergers and acquisitions.

“I think we will, and I think we have to,” Moore said. “Making sure that we have a regulatory body that’s able to have and influence free markets, that is able to have and influence real capital and liquidity flow. Making sure that we are both supporting our small business and making it easier for small businesses to be able to grow. And also, making it easier for our large industries to be able to compete within our states and within this country.”

Moore’s comments are to an extent, unclear, but still signal that a Harris administration could be more receptive to business leaders on antitrust.

The governor later said a Harris administration would have “different dynamics” that require “different philosophies” in policymaking.

Why it Matters: A reversal in regulatory enforcement could benefit several companies. However, it would also likely draw criticism from some Democrats in favor of regulatory consumer protection.

Less strict antitrust enforcement would accelerate mergers and acquisitions. This would likely result in more business for investment banks such as Goldman Sachs, JPMorgan Chase & Co, Bank of America and Morgan Stanley, among others.

It could also reaccelerate consolidation in telecommunications, entertainment and health care.

Harris’ opponent, Donald Trump, also has unclear intentions in the antitrust space. His running mate, J.D. Vance, has previously supported breaking up Big Tech and praised FTC Chair Lina Khan.

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