U.S. Senator Amy Klobuchar will introduce new legislation later today to update the country’s antitrust laws. While we do not yet have all the details of the 2021 Competition and Antitrust Act Reform Act, one important point is that it will better equip government authorities to tackle their Big Tech peers.
Let us be clear: we have a monopoly problem. But we can not take on the biggest companies in the world with just Band-Aids and adhesive tape. We need legislation that will increase enforcement resources and tighten our antitrust laws – which is why I am introducing a new bill that will do exactly that. https://t.co/9GFb9TTHaH
– Amy Klobuchar (@amyklobuchar) February 4, 2021
According to Protocol, Asks Klobuchar that the Department of Justice and the Federal Trade Commission should provide new regulatory powers and millions of dollars in extra funding to prosecute competitive behavior. The legislation would also give them the power to impose significant fines on offending companies, with the legislation allowing fines of up to 15 percent of total U.S. revenue in the United States.
“Let us be clear: we have a monopoly problem. But we can not start the biggest companies in the world with just Band-Aids and tape, ‘said Klobuchar Twitter. “We need legislation that will increase enforcement resources and tighten our antitrust laws. That’s why I’m introducing a new bill that will do exactly that.”
What you will not see in the bill is an appeal to Congress to break up one of the most important players in space. In the sense that Klobuchar’s approach differs from some of her more progressive counterparts in the House and Senate, and this may help the bill provide dual support. When Democrats in the House Antitrust Subcommittee published their findings last fall, most Republicans said they disagreed with any of the recommendations, citing a possible rift between Apple, Amazon, Facebook and Google. ‘core option’.