The main headlines of Fox Business Flash are here. Check out what is clicking on FoxBusiness.com.
Minnesota Democratic Senator Amy Klobuchar is introducing legislation on Thursday that would make it harder for large companies that exhibit anti-competitive behavior to acquire smaller companies.
The Law for the Reform of the Competition and Antitrust Law Enforcement aims to facilitate lawmakers against anti-competitive conduct and mergers and to improve enforcement actions.
“Competition and effective antitrust enforcement are essential to protect workers and consumers, stimulate innovation and promote economic equality,” said Klobuchar in a statement. “Although the United States already has some of the most effective antitrust laws in the world, our economy today faces a huge competition problem. We can no longer sweep this issue under the rug and hope that our existing laws are adequate.
Senator Amy Klobuchar, Minnesota Democrat, speaks during a confirmation hearing from the Senate Veterans Affairs Committee to Denis McDonough. (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 DISCUSSED INCORPORATION: REPORT
Klobuchar is a staunch critic of big technology and has been lobbying the country’s biggest companies on what appears to be anti-competitive behavior, such as Instagram and WhatsApp purchases by Facebook, which have been approved by the United States government. She also criticized Google’s use of customer data to strengthen its leading position in the search engine and digital advertising markets.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| FB | FACEBOOK INC. | 265.30 | -1.35 | -0.51% |
| GOOGL | ALPHABET INC. | 2,041.79 | -17.09 | -0.83% |
The Minnesota senator and other major technology critics argued that large companies use their dominant positions to buy smaller companies and eliminate competition in the market.
POTENTIAL BIDEN AG PICK KLOBUCHAR: THE GOOGLE DIVISION MUST BE ‘IN THE TABLE’
Democrats sens. Richard Blumenthal of Connecticut, Cory Booker of New Jersey and Ed Markey of Massachusetts are co-sponsors of the project.
Senator Amy Klobuchar, D-Minn., Wears a protective mask during a confirmation hearing of the candidate for Transport Secretary Pete Buttigieg. (Stefani Reynolds / Pool via AP)
The Competition and Antitrust Law Reform Act seeks to increase the annual budget of the Department of Justice’s Antitrust Division and the Federal Trade Commission; stop anticompetitive mergers by updating Section 7 of the Clayton Act; create a new clause in the Clayton Act to prevent “exclusionary conduct” that could lead to an “appreciable risk of harming competition”; establish a new FTC division; and introducing reforms implementing a series of reforms to prevent anti-competitive behavior.
READ MORE ABOUT FOX BUSINESS BY CLICKING HERE
Consumer Reports’ senior lawyer, George Slover, praised Klobuchar for the bill.
“Consumer Reports appreciates Senator Klobuchar’s firm leadership in working to strengthen our antitrust laws to equip them to protect a competitive market and the benefits that consumers, small businesses and workers receive from it,” said Slover. “This legislation gives our antitrust laws an important redefinition. It ensures that damaging merger and exclusionary trends can be stopped before it is too late and the damage is blocked.”
DISCOVER FOX BUSINESS ON THE MOVE BY CLICKING HERE
He added that the bill “extends the scope of the law so that blocking others from a fair chance to compete is a violation, even before the monopoly results” and “gives our government the necessary oversight authority and resources for effective deterrence “.
The Minnesota senator is expected to formally present the bill on Thursday.