Senator Amy Klobuchar is set to introduce a new bill to curb corporate monopoly power, particularly aiming at Big Tech, The New York Times reported.
The report stated that lawmakers are trying to erect new limitations on companies attempting to buy up smaller rivals, like when Facebook bought Instagram in 2012. That paved the way for the social media company to become one of the giants of the field for the last several years, eliminating competition.
In addition, the bill would set up roadblocks on buying up “maverick” companies presenting better offerings for customers before the buyout, in the way T-Mobile did before it was purchased by Sprint, NYT reported.
It would also give more funding to antitrust agencies, according to the NYT.
These ideas are similar to those advanced last October in the House judiciary report led by Rep. David Cicilline of Rhode Island, although Klobuchar’s version won’t include provisions to undo previous mergers or other structural reforms like Cicilline had advocated, the NYT reported.
Klobuchar’s bill will face criticism from lobbyists who have spent tens of millions of dollars fighting against new legislation, but also from the left, where prominent critics want to dismantle some of the biggest companies. Some progressive groups and liberal lawmakers have said that potential nominees for top antitrust agency roles won’t be hard enough on the industry, the NYT reported.
