Interpreting Competition in Interlocking Directorates: Why The 1990 Amendments may Exclude The Broader Application of Section 8

Consistent with the Biden administration’s push for vigorous antitrust law enforcement, enforcers have begun to employ Section 8 to target interlocking directorates.  Upon closer review, however, the 1990 amendments to the statute make it ill-suited as a tool to address elements of the administration’s ambitious agenda. In particular, the addition of safe-harbor thresholds, which directed the focus of Section 8 to downstream, revenue-generating competition, preclude the statute&