Two Republican U.S. senators introduce antitrust invoice

Senator Chuck Grassley (R-IA) throughout Legal professional Normal nominee Merrick Garland’s affirmation listening to earlier than the Senate Judiciary Committee, Washington, DC, February 22, 2021. Demetrius Freeman | Pool | Reuters Republican Senators Mike Lee and Chuck Grassley launched a invoice that might transfer all antitrust enforcement to the Justice Division, stripping the Federal Commerce


Senator Chuck Grassley (R-IA) throughout Legal professional Normal nominee Merrick Garland’s affirmation listening to earlier than the Senate Judiciary Committee, Washington, DC, February 22, 2021.

Demetrius Freeman | Pool | Reuters

Republican Senators Mike Lee and Chuck Grassley launched a invoice that might transfer all antitrust enforcement to the Justice Division, stripping the Federal Commerce Fee and Federal Communications Fee of antitrust authority, Lee’s workplace stated on Monday.

The Justice Division’s Antitrust Division and the FTC presently divide up the work of antitrust enforcement, with the FCC weighing in on telecommunications offers.

There is no such thing as a companion laws within the Democratic-led U.S. Home of Representatives. Democrats management the evenly divided Senate due to Vice President Kamala Harris’ tie-breaking vote.

The measure, launched by Grassley, the highest Republican on the Senate Judiciary Committee, and Lee, the highest Republican on the committee’s antitrust panel, would additionally ban any merger that leads to a market share of greater than 66 p.c except wanted to stop “critical hurt” to the U.S. economic system, in response to a abstract.

Lee stated that the invoice – which has an extended record of parts – would handle considerations past Large Tech, which has been the main focus of different laws.

“We’d like a holistic strategy that offers with all of those considerations, and that advantages all shoppers, in each trade – with out massively rising regulation and imposing a command-and-control grip over the economic system,” he stated in an announcement.

The invoice would improve the finances of the Justice Division’s Antitrust Division to $600 million. That’s sharply increased than the Biden administration proposal for the subsequent fiscal 12 months that might give the FTC $389.8 million and the Antitrust Division $201 million.

The measure would additionally increase charges charged by the federal government to evaluate whether or not the most important mergers are authorized underneath antitrust regulation.

It might additionally prohibit the federal authorities from awarding contracts to corporations that violated antitrust legal guidelines within the earlier 5 years.



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