On February 18, 2025, Federal Trade Commission (FTC) Chairman Andrew Ferguson announced the agency's commitment to the Biden-era Merger Guidelines, which the FTC and Department of Justice (DOJ) jointly issued in 2023. The 2023 Merger Guidelines constitute the legal and economic framework for the antitrust agencies' merger review analysis. In a parallel move, Acting Assistant Attorney General for the Antitrust Division of the DOJ Omeed Assefi announced the same intention to continue following the 2023 Merger Guidelines' framework. Both agency heads echoed the sentiment that the 2023 Merger Guidelines are “not perfect,” but that any future revisions would be completed in a transparent and thoughtful manner.

Amidst a whirlpool of massive policy changes, the agencies' surprising decision to keep the 2023 Merger Guidelines intact prioritizes stability and bipartisanship – for now. As the second Trump Administration has demonstrated so far, it is wise to expect the unexpected.

How the agencies will utilize certain provisions, such as provisions assessing the impact of mergers on labor markets or the cumulative impact of multiple acquisitions, remains to be seen. However, merging parties (and their counsel) can at least expect some predictability in the law applied for merger review.