Democratic Donors Urge Kamala Harris to Replace FTC and SEC Leaders

Vice President Kamala Harris is coming under increasing pressure from powerful Democratic funders as the US presidential election draws closer. These funders are pressing Clinton to appoint notable new leaders to the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC), two important regulatory agencies.

Lina Khan in the Spotlight at the FTC

Lina Khan, chair of the FTC, is reportedly a central target for potential dismissal. Sources close to the matter, as reported by Bloomberg, have revealed that Harris’ supporters want her to remove Khan if she wins the presidency. Barry Diller, a billionaire and chairman of IAC as well as a board member at MGM Resorts, publicly criticized Khan this summer, claiming she opposes “almost anything” that helps businesses grow.

Reid Hoffman, LinkedIn’s co-founder, has also voiced discontent. He accused Khan of “waging war on American businesses,” intensifying the calls for her removal. These criticisms align with the ongoing tension between the FTC and MGM Resorts, following a severe cyberattack on the company last September. MGM even filed a lawsuit against the FTC, asking Khan to recuse herself from their investigation.

Republicans and Democrats alike are putting pressure on Harris to alter the SEC in addition to the FTC. Gary Gensler, the chair of the SEC, has drawn criticism from both parties. Some feel Harris should succeed Gensler as Treasury Secretary should she win the presidency, while others anticipate that Gensler would be considered for the position.

Harris will have to make difficult choices about these regulatory bodies as political pressure grows; these choices could influence the direction of her future government.