Washington is fueling a 'war on business' as it cracks down on mergers and acquisitions, former Treasury Secretary Larry Summers says

• The US government is waging a "war on business" with its new rules on mergers and acquisitions, Larry Summers said. 
• The 13 new guidelines are a "substantial risk" and problematic, the former Treasury Secretary said. 
• The Justice Department and FTC are cracking down on mergers in a bid to thwart anti-competitiveness. 

The Biden administration on Wednesday intensified its crackdown on corporate mergers and acquisitions by releasing a raft of rules aimed to protect Americans from monopoly power in what is "like a war on business", former Treasury Secretary Larry Summers said.