A PYMNTS Company

New Bipartisan Senate Bill Seeks To Limit Big Tech Deals

By  |  November 5, 2021

Two US senators have introduced bipartisan legislation that seeks to make it harder for Amazon and other tech giants to make acquisitions, reported Reuters. The office of Senator Amy Klobuchar, a Democrat who chairs the Senate Judiciary Committee’s antitrust panel, said on Friday that she and Republican Tom Cotton had introduced a bill targeting such companies Google and Facebook.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The bill would make it easier for the government to stop deals it believes break antitrust law by requiring the companies to prove to a judge that the deals are good for competition, and therefore legal.

    A similar bill, introduced by Democratic Representative Hakeem Jeffries and others, has been approved in the House of Representatives Judiciary Committee and awaits a vote by the full House.

    Traditionally it is up to the government in antitrust enforcement to show a particular transaction would cause prices to rise or is illegal for other reasons.

    “We’re increasingly seeing companies choose to buy their rivals rather than compete,” Klobuchar said in a statement.

    “This bipartisan legislation will put an end to those anticompetitive acquisitions by making it more difficult for dominant digital platforms to eliminate their competitors and enhance the platform’s market power.” Working with others, Klobuchar introduced a bill in October that would bar Big Tech platforms from favoring their products and services.

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.