In an era of deep partisan gridlock on Capitol Hill, it seems cracking down on big tech by weaponizing America's antitrust law is unifying both Democrats and Republicans in a way that has not been seen in a decade. In the modern political landscape, both parties seem more interested in punishing big tech for political points than crafting antitrust legislation to prioritize consumers or facilitate a competitive marketplace.
Back in February, Senator Amy Klobuchar, the Democrat's self-appointed contemporary trust buster, introduced the Competition and Antitrust Law Enforcement Reform Act which would make mergers and acquisitions illegal if they created "an appreciable risk of materially lessening competition." The current standard set out by the Clayton Act only prohibits mergers and acquisitions if they "substantially…lessen competition, or to tend to create a monopoly." Klobuchar's bill would also prohibit mergers and acquisitions over $5 billion.
Read Full Article »