The headlines of Fox Business Flash are here. See what clicks on FoxBusiness.com.
Democratic Minnesota Senate Amy Klobuchar on Thursday introduced legislation that would make it more difficult for large companies that are competitive to be more difficult to acquire smaller businesses.
The Competition Reform and Antitrust Law Enforcement Act aims to make it easier for legislators to return to competitive conduct and mergers and to improve enforcement actions.
“Competition and effective monitoring implementation are critical to protecting employees and consumers, encouraging innovation and promoting economic equity,” Klobuchar said in a statement. “While the United States once had one of the most effective antitrust laws in the world, our economy today has a major competitive problem. We can no longer sweep this problem under the rug and hope our existing laws are adequate.
Minnesota Democrat Senator Amy Klobuchar speaks to Denis McDonough during a confirmation hearing for the Senate Veterans Committee. (Photographer: Sarah Silbiger / Bloomberg via AP)
She added that the new legislation “is the first step in revising and modernizing our laws so that we can effectively promote competition and protect American consumers.”
EXXON MOBILE, CHEVRON MERGER DISCUSSED: REPORT
Klobuchar is a powerful critic of big technology and has pushed the country’s largest companies for competitive behavior, such as Facebook’s purchases of Instagram and WhatsApp, which have been approved by the US government. She also criticizes Google’s use of customer data to strengthen its leading position in the search engine and digital advertising market.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| FB | FACEBOOK INC. | 265,80 | -0.85 | -0.32% |
| GOOGL | ALPHABET INC. | 2,046.02 | -12.86 | -0.62% |
The Minnesota senator and other big tech critics have argued that big companies are using their dominant positions to acquire smaller companies and dispel competition in the market.
POTENTIAL PRAYER AG PICK KLOBUCHAR: GOOGLE BREAKUP MUST BE ‘ON THE TABLE’
Democratic senses Richard Blumenthal of Connecticut, Cory Booker of New Jersey and Ed Markey of Massachusetts are holding the bill together.
Sen. Amy Klobuchar, D-Minn., Wears a protective mask during a confirmation hearing for Pete Buttigieg, nominated for transportation secretary. (Stefani Reynolds / Pool via AP)
The Competition and Antitrust Law Enforcement Act seeks to increase the annual budget for the Antitrust Division and the Federal Trade Commission; stop mergers against competition by updating Section 7 of the Clayton Act; create a new provision in the Clayton Act to stop “exclusionary conduct” that could lead to “significant risk of prejudice”; establish a new FTC division; and implement reforms, implement a series of reforms to prevent competitive behavior.
READ MORE ABOUT FOX BUSINESS BY CLICK HERE
Consumer Reports, senior policy adviser, George Slover, praises Klobuchar for the bill.
“Consumer Reports appreciates Senator Klobuchar’s steadfast leadership in strengthening our antitrust laws to equip them to protect a competitive market and the benefits that consumers, small businesses and workers derive from it,” Slover said. “This legislation gives our antitrust laws an important reform. It ensures that harmful trends and merging trends can be stopped before it is too late and the damage locked up inside.”
GET FOX BUSINESS ON THE GO by clicking here
He added that the bill ‘extends the scope of the law so that the transgression of others at a fair chance of competing is a transgression even before a monopoly results’ and’ the government the enforcement authority and resources provide what is needed to effectively deter. ‘
The Minnesota senator is expected to formally launch the bill later Thursday.