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America: New Bill Brought By Two Senators, Merger Of Tech Companies Like Amazon And Facebook Will Be Difficult

Agency, Washington

Published by: Kuldeep Singh
Updated Sun, 07 Nov 2021 05:27 AM IST

Summary

This bill has been brought by both the major parties, Democrats and Republican lawmakers. Democrat Senator Amy Klobuchar told that she presented this bill with Republican Tom Cotton. Its target is the business agreements of Google’s proprietary company Alphabet, Meta, Amazon etc.

Two US senators have introduced a new bill. If it is passed, it will make it difficult for Amazon and Facebook-owned company Meta etc. to merge small companies. The bill has been brought by Democrats and Republican lawmakers from both the major parties.

Democrat Senator Amy Klobuchar said she presented the bill with Republican Tom Cotton. Its target is the business agreements of Google’s proprietary company Alphabet, Meta, Amazon etc. With this, the government will have the power to take action against companies doing mergers and acquisitions by breaking the competition law.

The new law will provide
According to Amy, also chair of the Competition Panel of the Justice Committee in the Senate, under the new bill, companies will have to prove to a judge that their business agreement is in the interest of free market competition. Therefore it can be considered legally correct.

hence the need
According to Senator Amy, America has recently seen a large number of mergers and acquisitions of companies in which rivals have been eliminated through their money power. He expressed hope that after the new law, the practice of eliminating competition and harming the interests of citizens, especially for digital companies, will stop.

Expansion

Two US senators have introduced a new bill. If it is passed, it will make it difficult for Amazon and Facebook-owned company Meta etc. to merge small companies. The bill has been brought by Democrats and Republican lawmakers from both the major parties.

Democrat Senator Amy Klobuchar said she presented the bill with Republican Tom Cotton. Its target is the business agreements of Google’s proprietary company Alphabet, Meta, Amazon etc. With this, the government will have the power to take action against companies doing mergers and acquisitions by breaking the competition law.

The new law will provide

According to Amy, also chair of the Competition Panel of the Justice Committee in the Senate, under the new bill, companies will have to prove to a judge that their business agreement is in the interest of free market competition. Therefore it can be considered legally correct.

hence the need

According to Senator Amy, America has recently seen a large number of mergers and acquisitions of companies in which rivals have been eliminated through their money power. He expressed hope that after the new law, the practice of eliminating competition and harming the interests of citizens, especially for digital companies, will stop.

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