Tech, Industry Groups Warn Against Antitrust Bills’ Economic Damages
Congress should reject antitrust bills gaining momentum that would have economy-wide harms, a dozen tech and industry groups wrote Wednesday. Signers included the Computer and Communications Industry Association, CTA, TechNet, U.S. Hispanic Business Council, NetChoice, Software & Information Industry Association…
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and Americans for Prosperity. They cited the American Innovation and Choice Online Act (S. 2992/HR-3816), Ending Platform Monopolies Act (HR-3825) and the Platform Competition and Opportunity Act (HR-3826). They noted a study from the National Economic Research Associates saying those bills would “cost the U.S. economy up to $319 billion” due to higher retail costs and loss of “valued services.” The bills have “no quantifiable benefits” for consumers or small businesses, they said, quoting the study. Analysis shows the use of “simplistic language that relies on market capitalization means that more American companies would be captured in just a few years: 13 additional companies in the next 5 to 10 years and likely over 100 companies by the 2030s.”