Tied FTC Commission Let IonQ–SkyWater Close With No Conditions
After Trump v. Slaughter, a 1-1 Ferguson-Meador split left the FTC unable to block or condition IonQ's SkyWater deal, and the commissioners' September 2026 remarks signal divergent enforcement paths.
The Supreme Court's June 2026 decision in Trump v. Slaughter upheld the removal of two Democratic commissioners, confirming presidential power to remove FTC leadership at will. A third Republican commissioner resigned in November 2025, and nominee David MacNeil remained unconfirmed as of September 2026, leaving Chair Andrew Ferguson and Commissioner Mark Meador as the agency's only sitting members.
In July 2026 they split 1-1 on IonQ's acquisition of quantum chip fabricator SkyWater. Ferguson backed a staff-negotiated consent order with behavioral remedies citing US leadership in fault-tolerant quantum computing; Meador called the risk too "narrow, too short-lived, and too speculative" and pointed to 2023 Merger Guidelines market shares. With a tie and no appetite to sue, the deal closed unconditionally — a template for future tied votes.
Their September 2026 speeches diverge further: Ferguson stressed vertical mergers, national security and behavioral remedies; Meador urged restoring Section 5 as an independent basis for enforcement beyond Sherman and Clayton conduct, plus Section 7's "master in chancery" role.
Practical consequences: tied votes no longer reliably block deals, vertical theory warrants refreshed deal scrutiny, and Section 5 exposure may reach conduct not otherwise unlawful. Watch MacNeil's confirmation and the Commission votes that follow.