Investment professionals who work on Wall Street may be in need of grief counseling—or at least a hug and a strong drink—as they try to cope with the fallout from November’s New York City mayoral election. It is not just that self-proclaimed democratic socialist Zohran Mamdani will soon occupy the Mayor’s office; it is also that he appointed former Federal Trade Commission (FTC) Chair Lina Khan to his transition team. Khan’s tenure at the FTC was marked by the abandonment of the “consumer welfare standard,” which judges a business's actions by how they affect consumers—which is the way businesses succeed or fail in the free market.
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