In yet another progressive and overreaching bill to attack America’s leading companies, not just tech, Sen. Elizabeth Warren and Rep. Mondaire Jones have proposed a legislative “solution.”
NetChoice announced its opposition to the Prohibiting Anticompetitive Mergers Act of 2022—a bill co-sponsored by Sen. Warren and Rep. Jones that would empower the FTC to unwind acquisitions from the last 22 years across every sector of the American economy.
“At a time of record inflation, broken supply chains, and unaffordable daily goods, Sen. Warren’s bill would make these problems worse for everyday Americans,” said Steve DelBianco, president and CEO of NetChoice. “For emerging businesses looking to be acquired, this bill would compel them to either raise prices, lower quality, or lay off workers to remain competitive—none of which is good for Americans and raises the question of who this legislation is designed to help.”
“This bill empowers the FTC to unwind any acquisition since the dawn of the century if an unelected bureaucrat felt the acquisition reduced competition. This proposal could destroy the way America funds its innovative startups by disrupting strategic acquisitions, talent pipelines, and so much more,” continued DelBianco. “This legislation expands the progressive attack on tech to include every facet of American industry.”