FTC Shrinkage Spurs Enforcement Delays as Trump Fills Key Posts

Melissa Holyoak, one of three commissioners on the Federal Trade Commission (FTC), is leaving her post to become the interim U.S. Attorney for the District of Utah. Her departure was confirmed by the FTC in a Monday statement. The move comes as the agency faces a reduced staffing level amid broader political shifts in its leadership structure.

Holyoak's exit leaves the FTC with only two commissioners: Chairman Andrew Ferguson and fellow Republican Mark Meador. The agency, which traditionally has had a bipartisan composition, was thrown into disarray earlier this year after President Donald Trump dismissed its two Democratic members, Rebecca Kelly Slaughter and Alvaro Bedoya.

The White House is reportedly considering the nomination of Ryan Baasch, a National Economic Council staffer, to fill one of the open slots on the commission. According to Bloomberg, Holyoak's appointment as interim U.S. Attorney was previously reported, as was the potential nomination of Baasch.

Political and Regulatory Implications

Holyoak's transition to the U.S. Attorney role marks a significant shift in her career. She was initially nominated to the FTC by Joe Biden and joined the commission last year as a minority commissioner. Before that, she served as the solicitor general of Utah, where she led a coalition of states in challenging Google over alleged antitrust violations involving its app store operations.

In a statement, FTC Chairman Andrew Ferguson praised Holyoak's work and described her as a "fearless champion" for President Trump's agenda. According to Reuters, her appointment as U.S. Attorney was confirmed by Attorney General Pam Bondi, underscoring the Trump administration's influence in filling key legal roles.

Holyoak's departure raises questions about the FTC's ability to function effectively with only two commissioners. The agency typically requires a quorum of three to issue enforcement actions or make major decisions. With only two members, the FTC's capacity to act on pending cases could be limited, potentially delaying enforcement in high-profile antitrust investigations or consumer protection matters.

Leadership Changes and the Road Ahead

The FTC has faced a leadership vacuum since the Trump administration removed the two Democratic commissioners earlier this year. The commission has been operating under a Republican majority since that time, shifting its regulatory priorities and enforcement focus.

The White House's plan to nominate Ryan Baasch to a commission seat signals an intent to restore the agency to full capacity. If confirmed, Baasch would join Ferguson and Meador in shaping the FTC's future direction. His background in economic policy could influence the commission's approach to antitrust enforcement and consumer protections.

Holyoak's role as interim U.S. Attorney is expected to bring her closer to federal criminal and civil cases in Utah. Her experience in state-level antitrust litigation could provide a unique perspective in federal cases, particularly those involving large tech firms or corporate behavior.

For now, the FTC continues to operate with a limited workforce, and the pace of its regulatory actions may slow until more members are confirmed. Market observers will be watching to see how quickly the agency fills its remaining open seats and how its enforcement priorities evolve in the months ahead.