Antitrust Law Daily Wrap Up, ANTITRUST NEWS: FTC Chair Ferguson addresses Hungarian competition law symposium in Budapest, (Mar 24, 2026)

By Kenneth H. Ryesky, M.B.A., J.D.

The FTC Chair compared the American and European competition enforcement authorities, noting their different approaches and common interests.

The Hungarian Competition Authority (Gazdasági Versenyhivatal or GVH) commemorated its 35th anniversary in conjunction with what had become its annual forum on competition law at its “GVH 35: The 8th Hungarian Competition Law Forum.” Although most of the speakers at the Forum were Hungarian government officials, some of the invited speakers hailed from other nations, including FTC Chair Andrew N. Ferguson. Chair Ferguson delivered the Opening Keynote Speech entitled “Current Issues and the Future of Competition Law.”

Ferguson's speech begins – and concludes – with references to Dante Alighieri's classic work Inferno, noting that similar connections with Dante were made by Theodore Roosevelt, who earned the reputation as a "trust buster" by vigorously enforcing the Sherman Act during his administration, in Roosevelt's own speeches and writings. Ferguson, who had begun his speech with a mention of his participation in a Mass at Budapest's Basilica of Saint Stephen church that morning, tapped into to the deep religious sentiment of the Hungarian people by noting that Dante placed "all kinds of commercial fraudsters in the eighth circle of hell," even below the damnation levels to which violent criminals are consigned in the hereafter. Ferguson then told his audience that "[n]ational unity demands that we root out those businesses and individuals who treat their fellow citizens as prey to be devoured rather than persons to be served."

Ferguson then expanded on the theme of national unity, and how the business practices of some individuals and entities threaten it. Ferguson speaks of a polarization between the far extremes of those who view business as a means to amass lucre and those who use business for political empowerment, declaring that "neither view fidelity to the nation who bore them, or to the workers that empowered and sustained them, as a core feature of their identity and a principal element in their success." Businesses, said Ferguson, should aspire to prioritize their nations' interests, identity, and culture over such objectives, and should tailor their products and services to consumers in their own countries.

Having said that, Ferguson assured the attendees that there is nothing inherently evil in a company expanding its customer base beyond national borders; such often facilitates healthy growth. Along such lines, Ferguson noted the differences between American competition enforcers and those in Europe, the latter of whom often overregulate their industries and enterprises. America's competition regulation climate has permitted United States businesses to thrive. "We in America recognize that scale is not inherently dangerous, and that sentiment has made America the most innovative economy in the world."

Ferguson then went on to discuss the Digital Markets Act, stating that "nearly every firm declared a 'gatekeeper' by the European Commission under the Digital Markets Act is an American firm. Scale is necessary for global competition, and we ought not fear scale for scale’s sake." While extolling the positive aspects of the DMA and noting that the FTC under his watch has "litigated against the abuses of Big Tech platforms in America," Ferguson expressed his concern over "procedural unfairness embedded within the DMA, an alarming lack of clarity about many of its substantive requirements, and a hostility toward American firms."

Ferguson admonished his fellow antitrust enforcers to "ensure companies remain loyal to our fellow citizens, enhancing their sovereignty and freedom as consumers" through "the principled but robust application of our consumer protection authority."

Concluding his keynote address, Ferguson praised the GVH and its staff for having "safeguarded the Hungarian people and their young market economy" and "strengthened not just the Hungarian economy, but the nation that the economy is supposed to serve," wishing them continued success in the years to come.

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