Washington, DC — Following the introduction of the “Prohibiting Anticompetitive Mergers Act” by Sen. Elizabeth Warren and Rep. Mondaire Jones today, Demand Progress Education Fund Legal Director Ginger Quintero-McCall issued the following statement:
“This piece of legislation is an important and essential step toward repairing the problems that large monopolies have created in our economy. The concentration of market power that we have seen across many sectors, especially the tech sector, has crushed small business innovation, harmed workers and communities, contributed to higher prices and supply chain issues, and fostered an atmosphere where consumer rights are trampled because consumers lack viable alternatives to monopoly firms.
“This bill will give the Federal Trade Commission and Department of Justice greater power to stop monopolistic mergers and even go back in time to undo mergers which have shown negative impacts on consumers, small businesses, and the overall economy. If passed, this would allow enforcement agencies to consider the impacts that a merger will have on workers, consumers, businesses, communities, privacy, and innovation. This legislation would also create transparency around merger filings, which have often been secret, and allow the public to understand and comment on the potential effects of a proposed merger. Underlying this legislation is a bold vision for an economy where the interests of people – not just corporate interests – are considered.”