New York City Mayor Zohran Mamdani (D) just made a move that's got Wall Street and Silicon Valley talking. He appointed former Federal Trade Commission Chair Lina Khan to lead the board of the city's Economic Development Corporation (EDC). If you've been following antitrust news over the past few years, you know Khan is about as friendly to Big Tech as a root canal.
Mamdani said Khan had "fought exploitation and dishonesty" and provided "the blueprint for a government that delivers for working people." He said she would usher the agency into "a new era of opportunity" and ensure "justice is the driving principle" behind its work. That's a pretty clear signal that the city's economic agenda is going to have a strong fairness-and-accountability flavor.
The EDC is a nonprofit that manages city assets, finances development projects, and works to attract businesses and jobs. It's a powerful tool for shaping the city's economy. Alongside Khan, Anthony Shorris—a former deputy mayor and McKinsey partner—will serve as president and CEO. So you've got a seasoned operator running day-to-day operations while Khan sets the strategic direction.
"EDC has a vital role to play in ensuring that New York's economy is growing in ways that make our city more affordable, efficient and resilient," Khan said. "I look forward to working with the administration to advance this vision and make life materially better for New Yorkers."
Khan's Antitrust Record: A Quick Refresher
Khan led the FTC from 2021 to 2025 and became the face of the Biden administration's antitrust push. Her agency sued Amazon in 2023, alleging it illegally maintained monopoly power. It also pursued a case against Meta in September 2025, accusing the company of using a "buy or bury" strategy with Instagram and WhatsApp.
The FTC also challenged Microsoft's $69 billion Activision Blizzard purchase and opened a broad investigation into Microsoft's cloud and AI businesses. Courts rejected the Activision challenge and an effort to block Meta's purchase of virtual-reality developer Within. So not everything went her way.
But Khan's tenure produced some notable victories. The FTC helped block Kroger's $25 billion Albertsons purchase in December 2024 and Tapestry's $8.5 billion Capri Holdings deal. It also scrutinized AI partnerships linking Microsoft, OpenAI, Amazon, Anthropic and Google. So she's not afraid to take on big mergers, even when the companies are household names.
What This Means for Business and Politics
The appointment has already reignited debate over Mamdani's relationship with business. Khan's earlier role on his transition team reportedly left some wealthy New Yorkers "looking for therapy," while corporate critics have called her approach overly aggressive. But her record has also scrambled party lines. House Republicans accused Khan of politicizing the FTC, but Vice President JD Vance previously said she was doing "a pretty good job." Deputy Mayor Julie Su said Khan and Shorris would help build "a city that's more affordable and more just."
So what's the bottom line? If you're a company looking to do business in New York City, you might want to pay attention. The EDC has a lot of say in which projects get funded and which businesses get incentives. With Khan at the helm, expect a sharper focus on how those deals affect everyday New Yorkers—and maybe a bit more skepticism toward corporate giants.
