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1

How Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched—and created a $1.45 trillion shortfall

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Meet the 33-year-old CEO betting on boomers chasing their grandkids—and millennials selling their first house

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Leadership

Donald Trump Picks Washington Lawyer Joe Simons to Head the FTC

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Fortune Editors and Reuters
Fortune Editors and Reuters
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By
Fortune Editors and Reuters
Fortune Editors and Reuters
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October 20, 2017, 5:55 AM ET
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President Donald Trump chose Joseph Simons, an antitrust attorney from the Washington D.C. office of law firm Paul Weiss, to head the Federal Trade Commission.

Simons, a partner at the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, was a director of the FTC’s Bureau of Competition from 2001 to 2003.

The White House also said Noah Phillips and Rohit Chopra would join the FTC as Commissioners, finally filling gaps that have been vacant for months.

Read: Regulators May Oppose T-Mobile-Sprint Deal Even Under Trump, Analyst Warns

Noah Phillips, who graduated from Stanford Law School in 2005, is chief counsel for U.S. Senator John Cornyn, a Texas Republican. He is also a veteran of the law firms Steptoe & Johnson LLP and Cravath, Swaine & Moore.

Chopra, a financial services expert and an ally of Massachusetts Senator Elizabeth Warren, is currently at the Consumer Federation of America.

The agency is currently headed by Acting Chairman Maureen Ohlhausen, a Republican, with Democrat Terrell McSweeny the only other commissioner. The president had long been expected to name a permanent chair and fill the three empty commission seats, two Republican and one Democrat or independent.

Read: Why the Supreme Court Is Reaching Out to the Trump Administration for This Apple Case

During Simons’ earlier tenure at the FTC, the agency sued to stop Diageo PLC and Pernod Ricard from buying Seagram Spirits and Wine in 2001 to prevent a duopoly in rum. The FTC also filed a lawsuit in 2003 to stop Haagen-Dazs owner Nestle Holdings Inc from buying Dreyer’s Grand Ice Cream Inc, which makes also superpremium ice cream. The FTC later settled both cases.

Read: U.S. Attorney General Urged to Consider Blocking AT&T Deal for Time Warner

The FTC works with the Justice Department to enforce antitrust law and pursues companies accused of deceptive advertising. It is an independent agency that is headed by a chairman and four commissioners. No more than three commissioners can come from any one party

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