Hawley proposes antitrust legislation aimed at tech companies [CBS News]
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Source: CBS News
Josh Hawley proposes ban to curb growth of biggest U.S. tech companiesBy Musadiq Bidar, Jack TurmanApril 12, 2021 / 7:19 PMRepublican SenatorThe legislation, which Hawley called "Trust-Busting For the 21st Century Act," bans all mergers and acquisitions by companies with a market capitalization of over $100 billion, empowers the Federal Trade Commission (FTC) to prohibit "digital dominant firms" from buying out potential competitors, and forces companies that lose antitrust lawsuits to forfeit profits from monopolistic conduct."If you allow corporations to amass significant economic power through market concentration, they are going to have political power, and they're going to use it," Hawley told reporters. "We're also seeing the growing political power, not just of tech, although that's quite significant, but of industry across the board."Nearly 150 companies, including large corporations like Apple and Amazon, as well as others like Pfizer, Nike, Costco and McDonalds have a market
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