Twice in the past month, the Federal Trade Commission unanimously announced consent decrees that allow recent private equity-sponsored deals to close with some divestitures but also impose prior notice requirements for future acquisitions that are unprecedented in their breadth. The announcements, which come a month after the confirmation of a fifth commissioner gave the Democrats a 3-2 majority on the FTC, are a strong signal of the current Commission’s intent to investigate private equity transactions aggressively.