Klobuchar, Cotton File Burden-Shifting Antitrust Bill

Legislation introduced Friday would require large tech companies to prove their potential acquisitions of rivals aren’t anticompetitive. Senate Antitrust Subcommittee Chair Amy Klobuchar, D-Minn., and Sen. Tom Cotton, R-Ark., introduced the Platform Competition and Opportunity Act, as expected (see 2110250055). It would apply to companies with a market capitalization of $600 billion at enactment. The bill is a companion to legislation introduced by Democratic Caucus Chair Rep. Hakeem Jeffries, D-N.Y. (see 2106110070). Klobuchar previously introduced a bipartisan bill with Senate Judiciary Committee ranking member Chuck Grassley, R-Iowa, mirroring a House bill on self-preferencing. “With a bill like this in place, truly innovative ideas that are disruptive to the Big Tech status quo will have a chance to flourish,” said Public Knowledge Competition Policy Director Charlotte Slaimant about the latest bill. “The answer is to make clear that predatory behavior -- like Facebook’s acquisitions of Instagram and WhatsApp -- will no longer be tolerated,” said Public Citizen Competition Policy Advocate Alex Harman. “This legislation will do just that and is an important step towards reining in the power of these companies that believe they should be above the law.” Among the companies with $600 billion market cap are Microsoft, Apple, Alphabet, Amazon, Tesla, Meta, Nvidia and Taiwan Semiconductor Manufacturing.