America: New Bill Introduced by Two Senators, Merging Tech Companies Like Amazon and Facebook Will Be Difficult


Agency, Washington

Published by: Kuldeep Singh |
Updated on Sun, Nov 7, 2021 05:27 AM M. IST

Summary

This bill has been introduced by the two main parties, Democrats and Republican legislators. Democratic Sen. Amy Klobuchar said she introduced this bill with Republican Tom Cotton. Its objective is the commercial agreements of the company that owns Google, Alphabet, Meta, Amazon, etc.

listen to the news

Two US senators have introduced a new bill. If approved, it will be difficult for Amazon and Facebook-owned company Meta, etc., to merge small businesses. The bill has been introduced by Democratic and Republican lawmakers from both major parties.

Democratic Sen. Amy Klobuchar said she introduced the bill to Republican Tom Cotton. Its objective is the commercial agreements of the company that owns Google, Alphabet, Meta, Amazon, etc. With this, the government will have the power to take action against companies that carry out mergers and acquisitions in violation of competition law.

The new law will provide
According to Amy, also chair of the Senate Justice Committee’s Competition Panel, under the new bill, only companies will have to prove to a judge that their trade agreement favors free market competition. Therefore, it can be considered legally correct.

hence the need
According to Senator Amy, the United States has recently seen a large number of company mergers and acquisitions in which rivals have been eliminated through their monetary power. He expressed his hope that after the new law, the practice of eliminating competition and harming the interests of citizens will be stopped, especially for digital companies.

Expansion

Two US senators have introduced a new bill. If approved, it will be difficult for Amazon and Facebook-owned company Meta, etc., to merge small businesses. The bill has been introduced by Democratic and Republican lawmakers from both major parties.

Democratic Sen. Amy Klobuchar said she introduced the bill to Republican Tom Cotton. Its objective is the commercial agreements of the company that owns Google, Alphabet, Meta, Amazon, etc. With this, the government will have the power to take action against companies that carry out mergers and acquisitions in violation of competition law.

The new law will provide

According to Amy, also chair of the Senate Justice Committee’s Competition Panel, under the new bill, only companies will have to prove to a judge that their trade agreement favors free market competition. Therefore, it can be considered legally correct.

hence the need

According to Senator Amy, the United States has recently seen a large number of company mergers and acquisitions in which rivals have been eliminated through their monetary power. He expressed his hope that after the new law, the practice of eliminating competition and harming the interests of citizens will be stopped, especially for digital companies.


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