In the halls of power where the fate of corporations is decided, a new chapter is being written with the name of Andrew Ferguson at its forefront. As the Federal Trade Commission (FTC) stands at a crossroads, with the formidable Lina Khan's tenure coming to an end, Ferguson is poised to take the helm, a move that has sent ripples of anticipation and trepidation through corporate America.

Khan, a figure who has become a lightning rod for controversy, has wielded the FTC as a weapon against big corporate mergers and has sought to arm workers and consumers with new rights. Her actions have not been without consequence, as business leaders have clamored for her removal. With the incoming Trump administration, it seems their calls will be answered, as President-elect Donald Trump has announced his intention to elevate Ferguson, a current Republican commissioner on the FTC, to the position of agency chair.

Ferguson, a man with a history of speaking out against large monopolies and advocating for a nationwide data privacy law, has described the concentration in the technology industry as "the competition question of our time." These views suggest a certain alignment with the current FTC's priorities, particularly in recognizing the role that tech companies play in the modern economy and the importance of vigorously enforcing the nation's antitrust laws.

However, where Ferguson's vision diverges from Khan's is on the power of the FTC itself. He has been critical of the agency's overreach, arguing that it should not be writing regulations to rein in corporations but should instead wait for Congress to pass legislation. This was evident in his dissent over the FTC's groundbreaking nationwide rule banning clauses in worker contracts that restrict their ability to change employers. Ferguson's dissent reflects a deep and longstanding disagreement between Democrats and Republicans over the scope of the FTC Act—the congressional charter laying out the commission's powers.

With Ferguson at the helm, the FTC appears poised to continue prosecuting monopoly and consumer protection cases, including the antitrust case to break up Meta filed during the first Trump administration and a pair of cases against Amazon. His past role as Virginia's solicitor general, where he sued Google for monopolizing the market for digital ad technology, underlines his willingness to take on tech giants.

However, Ferguson's approach to the FTC's role in regulating tech companies is nuanced. He seems likely to steer clear of the types of sweeping rulemaking that Khan had championed. Instead, he may seek to wield the nation's antitrust laws as a tool to force social media platforms to promote conservative speech, a move that could have far-reaching implications for the intersection of technology and free speech.

Ferguson's vision for the FTC is one that is deeply rooted in the separation of powers, with a belief in the guardrails established to protect it. He presents himself as an institutionalist, a stark contrast to the man who is about to give him a significant promotion. His tenure at the FTC could see a shift in focus from broad regulatory power to a more targeted approach that emphasizes the enforcement of existing laws and the protection of conservative speech on social media platforms.

As the FTC stands on the precipice of change, the business world watches with bated breath. The era of Khan's aggressive regulatory approach may be coming to a close, but the future under Ferguson is far from certain. His leadership could signal a new direction for the FTC, one that is shaped by conservative grievances about online platforms and a desire to protect competition and free speech in the digital age.

In this new chapter of American regulatory history, the FTC under Ferguson's leadership may become a force that shapes not only the economic landscape but also the discourse on political speech. The implications of his tenure could reverberate through the tech industry and beyond, as the agency navigates the complex interplay between antitrust enforcement, data privacy, and the preservation of free speech in the digital realm.