No sooner did AT&T announce on Sunday its proposed acquisition of T-Mobile than analysts began handicapping whether federal regulators will approve the deal.

The $39 billion fusion of the second- and fourth-largest providers of U.S wireless service (by revenue) is sure to trigger lots of hand-wringing at the Federal Communications Commission (FCC). But the agency’s penchant for regulatory excess has harmed consumers in the past, and Congress ought to constrain it from doing so in this case.

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