U.S. Representative Alexandria Ocasio-Cortez (D-N.Y.) has staunchly defended Federal Trade Commission Chair Lina Khan, amidst calls for her removal.
What Happened: On Wednesday, Ocasio-Cortez responded to a post from Semafor domestic policy & politics reporter Joseph-Zeballos-Roig suggesting that Vice President Kamala Harris should not retain Lina Khan as FTC Chair. The post quoted billionaire Mark Cuban expressing his disagreement with Khan’s approach to breaking up big tech companies.
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Ocasio-Cortez said on X, “Let me make this clear, since billionaires have been trying to play footsie with the ticket: Anyone goes near Lina Khan and there will be an out and out brawl. And that is a promise.”
She further emphasized Khan’s importance to the administration, stating, “She proves this admin fights for working people. It would be terrible leadership to remove her.”
Sen. Bernie Sanders (I-Vt.) publicly disagreed with Mark Cuban’s call to replace FTC Chair Khan if Vice President Harris became president. Sanders praised Khan as “the best FTC Chair in modern history” for her work fighting corporate greed and monopolies.
Cuban had touched on Khan’s leadership to Semafor earlier in the week. He said, “If it were me, I wouldn't,” on continuing Khan as FTC chair. “By trying to break up the biggest tech companies, you risk our ability to be the best in artificial intelligence."
Why It Matters: Khan has been at the forefront of antitrust actions against major corporations. In September, the FTC filed a formal complaint against three major pharmacy benefit managers (PBMs)—CVS Health Inc. (NYSE:CVS), Cigna Corp. (CI) Express Scripts, and UnitedHealth Group Inc. (NYSE:UNH) Optum—for allegedly engaging in unfair and anti-competitive practices. The complaint accuses the PBMs of inflating the list price of insulin medications, thereby forcing patients to pay higher costs for life-saving insulin.
These PBMs, referred to as the Big Three, administer around 80% of prescriptions in the U.S. The FTC’s actions under Khan’s leadership have been seen as a fight for working people, a stance that Ocasio-Cortez and Sanders strongly support.
Jim Cramer of CNBC's "Mad Money" criticized Khan for her anti-merger policies last year, arguing they harm investor portfolios and stock valuations. He called her a “one-woman wrecking crew,” asserting her stance limits competition and favors only the wealthiest companies.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
