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NetChoice Welcomes Report on Serious Flaws in S. 2992

In a new report titled “A Dagger in the Heart of American Competitiveness,” economists Matthew Rees and Stephen Moore dig into the 12 deep flaws of S. 2992, Sen. Amy Klobuchar’s progressive pet project. As America’s economy and businesses are on a knife’s edge, it is crucial for policymakers to understand just how this proposal will impact inflation, jobs, national security, and global competitiveness. 

Rees and Moore’s report shows that if passed, S. 2992 would:

  • Take away products and services that consumers value during an economic slump.
  • Put American companies at a global competitive disadvantage.
  • Make it easier for foreign governments, online predators, and cyber thieves to access sensitive data of Americans.
  • Cost American jobs.
  • Expose American businesses to increased supervision by progressive politicians, like FTC Chair Lina Khan.
  • Severely impair startup investments and small businesses.

“If Congressional Republicans don’t pump the brakes on Biden’s radical antitrust agenda, they will make it even harder to revitalize the American economy if they take control of Congress in 2023,” said Steve DelBianco, President of NetChoice.

“As conservatives evaluate proposals that would expand the power of government, Rees and Moore detail just how destructive S. 2992 would be for Americans and for our economy,” continued DelBianco. “As lawmakers consider whether to support radical antitrust legislation at a time of high inflation, Rees and Moore provide an essential analysis detailing why every lawmaker should oppose S. 2992.

The report was released by the Committee to Unleash Prosperity.

These are the 12 tragic flaws Rees and Moore found with S. 2992:

  1. It falsely accuses tech companies of monopolistic behavior. 
  2. It guts the traditional “consumer welfare” standard of American antitrust law.
  3. It would nearly double the budget of one of the most intrusive and anti-business regulatory agencies in the federal government
  4. The law would make companies guilty until they can prove their innocence.
  5. It will ban routine and popular retail practices.
  6. It will stifle innovation. 
  7. It will cost American jobs. 
  8. It will be a drag on the economy. 
  9. It will be a bonanza for cyber thieves and cyber predators. 
  10. It will endanger network security and data privacy. 
  11. The bill’s biggest beneficiary will be China and other foreign adversaries. 
  12. It punishes economic success.

Read the full report HERE.