Multimedia
October 9, 2025
The AAF Exchange — Ep. 177: State-directed Capitalism, Bank Competition Policy, and the Administration’s Antitrust Agenda
State-directed capitalism, bank competition policy, and the administration’s antitrust agenda — joining us to discuss it all is AAF Director of Competition Policy Fred Ashton.
AAF products mentioned in today’s episode:
- In “The Push Toward State-directed Capitalism Undermines Market Competition,” Ashton explains how the Trump Administration’s 9.9-percent stake in Intel could be laying the groundwork for a new economic model that supplants market competition with a state-managed system.
- In “The Bank Competition Modernization Act: Some Good, Some Bad,” Ashton walks through where the Bank Competition Modernization Act bill would improve the bank merger process and where it falls short.
- In “The Anticompetitive Effects of Tariffs,” Ashton and Trade Policy Analyst Jacob Jensen discuss how the administration’s trade agenda works against its deregulatory efforts.





