But maybe to start things off, can you give us a thumbnail sketch of the decision and what has led up to this point?

Sure.

So we had the new administration, the Trump administration, take over in 2025, and soon after that, the president fired the now two Democratic FTC commissioners.

The chair, Lina Khan, had left on her own before that.

And so Becca Slaughter and El- Alvaro Bedoya are fired for no cause, right? Historically, the, the presumption was the president couldn't just fire FTC commissioners.

The, the FTC Act said the president could only remove them for inefficiency, neglect of duty, or malfeasance, and no one had suggested, including the president, that either of these commissioners had done any of those things.

And this concept, this understanding, really derived from a 1935 Supreme Court decision called Humphrey's Executor.

And you're right, those modest swings that we saw for many years will become far more significant with a new administration changing direction far more substantially, and likely spending a good deal of time undoing what the prior administration did, with no highlights, w- with no statements highlighting things that might be less than ideal.