Big Tech now has a big friend in Washington, D.C. with the U.S. Chamber of Commerce — the biggest lobbying group in the country — taking up the latest antitrust threats coming out of the White House and Congress.
Representing over 3 million businesses and organizations, the U.S. Chamber release a report, U.S. Antitrust Legislative Proposals: A Global Perspective, offering a far-reaching comparative critique of how the U.S., China, and the European Union grappled with policy approaches.
Antitrust proposals currently on the table in the U.S. would actually end up positioning American firms in an unfavorable position and “at a distinct disadvantage,” according to the Chamber’s press release about the report.
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Antitrust legislation would result in stifling advances in technology, thus lowering the country’s ability to complete on the global marketplace stage, according to the report. Ultimately, the law would “undermine our national security interests.”
World powers are competing with the U.S. and China to develop and deploy the technologies of the future — artificial intelligence, quantum computing, and semiconductors, the Chamber said.
“Today, American companies lead the world because they have the freedom to invest, innovate, scale, and compete. That freedom would be significantly curtailed under proposed changes to our antitrust laws,” said U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley. “This legislation would hamstring American companies’ ability to compete in the global marketplace while giving our foreign competitors the upper hand. It is the definition of self-defeating.”
Read more: US Chamber of Commerce Questions Past Statements of Fed Nominee Raskin
As currently proposed, the U.S. antitrust legislation could mandate that rival companies provide one another with access to their platform and share data. The law could also prevent acquisitions and certain investments, and force big companies to break into smaller businesses.
The Chamber feels that the moves, especially breaking up big companies, will result in less funding for cutting-edge research and state-of-the-art development. The end result will be a major hit to where the U.S. stands in technology leadership.
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