Why Federal Law? Wouldn't it make sense to try it at the local level and see it's effects before pushing it to the national?
Let's put it the other way: why do you think what works on a smaller scale (local companies) will necessarily tell us how it will work on a national scale (large national companies)?
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."
Adam Smith, The Wealth of Nations (1776), Book I, Chapter X, Part II
And therefore it's long been a part of US Federal anti-trust law and case law. Modern Republican administrations in particular have tended to focus their attention on these type of price fixing cases.