Bill gives more power to states in competition cases against technology companies.
The House of Representatives voted to pass the Merger Filing Fee Modernization Act of 2022 this past week. This bill increases the fees that large businesses pay and decrease the fees that small companies pay to have the federal government review company mergers for potential antitrust violations.
“We find ourselves in a monopoly moment as a country,” Representative Lori Trahan of Massachusetts said before the vote. “Multibillion-dollar corporations have grown into behemoths, eliminating any real competition in their industries and using their dominance to hurt small businesses and consumers. Meta’s monopoly power has enabled it to harm women, children, and people of all ages without recourse. Amazon has used its dominance to copy competitors’ products and run small businesses into the ground.”
The legislation would also allow attorneys general to determine the court that will hear the antitrust case and defendants would not be allowed to request a change of venue. Large tech companies have been in the habit of choosing courts in states that are more sympathetic, such as New York or California.
As the Lord Leads, Pray with Us…
- For members of Congress as they seek to restrict the power of giant tech companies.
- For wisdom for state attorneys general as they work to limit the powers of massive companies.
- For the president’s administration as they support competition in the marketplace.
Sources: Fox News, Reuters, AP
