Tech Industry Opposes Sen. Warren’s Antitrust Bill
A Democratic bill announced Wednesday would allow antitrust enforcers to automatically block transactions valued at more than $5 billion. Introduced by Sen. Elizabeth Warren, D-Mass., and Rep. Mondaire Jones, D-N.Y., the Prohibiting Anticompetitive Mergers Act would allow the FTC, DOJ…
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and state attorneys general to unwind anticompetitive deals dating back to 2000, if the acquisition resulted in a market share larger than 50% of any relevant market or if it brought “material harm” to the competitive process. Tech industry groups opposed the proposal. “Instead of arbitrarily barring certain transactions, Congress should instead provide the resources necessary for the FTC and DOJ to do the job they are charged with: protecting competition and consumers,” said Computer & Communications Industry Association President Matt Schruers. For “emerging businesses looking to be acquired, this bill would compel them to either raise prices, lower quality, or lay off workers to remain competitive,” said NetChoice CEO Steve DelBianco.