Bipartisan senators want to make Big Tech acquisitions more difficult

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Dealmakers are winning the long game on US antitrust legislation, despite current pressure.

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Running news: sensor. Amy Klobuchar (D-Min.) and Tom Cotton (R-Ark.) — not typically a pair of legislative BFFs — recently introduced a bill that would make it more difficult for a small group of Big Tech companies to acquire Will give ,

  • This would only apply to acquirers with a market cap of more than $600 billion, as calculated (via a 180-day trading average) when the bill became law.
  • A colleague at Cotton told me that it was specifically designed to target the largest U.S. tech companies — including Amazon, Apple, Facebook, Google, and Microsoft — while other companies (Walmart, Exxon, Visa, etc.), whose market cap could someday exceed $600. Arab. Consider it a blatant backdoor, given that a law naming specific companies actually wouldn’t be constitutionally passed.

why it matters: The Klobuchar-Cotton bill is a manifestation of how Congress’s obsession with (narrowly defined) Big Tech is taking precedence over sweeping reform of archaic antitrust laws.

  • The Biden administration, on the other hand, is painting with a much broader brush, as evidenced by an executive order in June. And its hand-picked regulators, including Amazon’s critic Lena Khan in the FTC, are interested in a wide variety of industries and aren’t very sure on size.
  • But White House pressure is fleeting by design, which can be ignored or reversed every four years. Congressional action tends to be too sticky, which is why in 2021 Corporate America is still operating under a legal antitrust framework that Big Railroad was designed for.

Bottom-line: The perceived sins of some are codifying the hall passes of the future for many.

go in: Book publishers caught in Biden administration’s distrust crosshairs

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