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Bidens Antitrust Team Makes a Big Change in Corporate Titans

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While Washington President Biden formed the most aggressive antitrust team in decades, preparing to consolidate and gain market power in efforts such as blocking mergers and dissolving large corporations. , Stacked his administration with three legal crusade.

Last week, Bydens’ decision to appoint Jonathan Canter, who heads the antitrust department of the Justice Department, is the latest in his willingness to clash with the United States of companies to promote more competition in the tech industry and across the economy. Is a sign of. Mr. Canter has spent many years acting as a lawyer on behalf of rival companies to fight giants like Facebook and Google.

If confirmed in the Senate, he helped rebuild the academic debate over antitrust law, and for many years disbanded Facebook and other large corporations with Lina Khan, who now heads the Federal Trade Commission. Join Tim Wu in support. President of Technology and Competition Policy.

The appointment was that the Democratic Party renewed anti-trust activities, the Biden administration concentrated its power on technology, and other industries such as pharmaceuticals, agriculture, health care, and finance hurt consumers and workers, hindering economic growth. It shows that it raises concerns about things.

They also emphasize that Mr Biden is harnessing the power of his office and proceeding without waiting for a more severe recovery of Congressional action. This is a faster, potentially riskier approach. This month, he packed 72 initiatives aimed at creating competition in various industries, strengthening merger oversight, and limiting widespread practices that force workers to sign non-compete agreements. Issued an executive order.

External groups of the administration and ideological allies are new to federal regulators if Mr. Biden wants to truly follow in the footsteps of his antitrust idols Theodore Roosevelt and Franklin D. Roosevelt. It warns that drastic legislation needs to be promoted to empower, especially in the high-tech sector. The core federal antitrust law, created over a century ago, did not envision today’s commercial transactions where large corporations offer low prices to their customers but sacrifice competition.

The administration has quietly supported the bill passing through the House of Representatives, but has promoted Congressional antitrust laws, as Mr. Biden is doing on the $ 4 trillion economic agenda infrastructure, childcare and other factors. I’m not trying to take the lead.

If the judge continues to strike by the Justice Department, FTC, or other agency, it can be a problem.

Last month, a federal judge dismissed the FTC proceedings against Facebook, saying the agency did not make a convincing claim that the company was monopolized and ordered it to be more justified. Kahn faced her first major test when she resubmitted the proceeding, and on Friday the agency asked the court for more time.

Bidens’ antitrust choices are monopolized by Facebook, Google, and Amazon, even if they take advantage of their dominant position in social media, search, and online retail to crush competitors and not cost more. Claims to give consumers fewer choices.

Companies and some economists are divided. Facebook points to TikTok, Snap, and Twitter as examples of competitors, and Amazon says that 40% of all online retail revenue comes from its platform, according to eMarketer’s research. Claims to be only 5% of total US retail sales.

The president and his aides have called for embracing a credible spirit as an important step in rebalancing the economy to not only lower prices, but also intensify competition and create high-paying jobs. ..

I’ve always wondered what the free market system is, not just the competition between companies, but what to guess. Companies must compete for workers, Mr Biden told CNN’s audience in Ohio on Wednesday to promote the executive order. Maybe they will pay more.

White House officials, as President Donald J. Trump did, was talking about putting tough regulators in a strong position to issue executive orders on competition and dissolve the tech-hospital merger. No, claiming that antitrust efforts can be successful.

Diana Moss, chairman of the American Antitrust Institute and a supporter of stronger competition enforcement, said we have hope. But when rubber encounters the road, they will have to reconcile the reality of court, parliament, and external pressure with the positive agenda.

Has been updated

July 23, 2021 5:42 pm (Eastern Standard Time)

Some economists say Bidens’ appointees could move beyond efforts to truly curb competition and eliminate consumer-damaging concentration into industries such as restaurants and grocery stores. I’m warning you. There, they say, domestic players entering the local market often gave their customers more choices and created more jobs.

Chantai Shi, an economist at the University of Chicago, said he was most worried about rhetoric. His research shows that the concentration of businesses in recent years has created innovations that boost the economy. They see different things in the tech industry and what they see in the tech industry. And they are extrapolating from the technology industry to all other industries.

Corporate America is already fighting Mr. Bydens’ efforts. Google, Facebook, and Amazon have recently filled their legal team with antitrust experts and hired veteran government antitrust officials. Facebook and Amazon are calling on Khans to avoid antitrust issues related to him. They say Kang, who worked on a digital platform antitrust investigation, has a prejudice about their company. Critics of private-sector antitrust lawyer Canter have pointed out past representatives of Microsoft and News Corporation as conflicts of interest as the Judiciary’s court battle with Google.

Bidens’ move reflects the growing influence of the movement to curb corporate power, which has spread from progressive scholars and liberal leaders like Massachusetts Senator Elizabeth Warren to the most conservative Republicans in Congress. doing.

In 2019, New York University economist Thomas Phillipon concluded that increased market concentration had hit the US economy, costing a typical US $ 5,000 a year. Government officials have repeatedly cited the statistics in support of Mr. Bydens’ recent executive order.

Efforts to crack down on market concentration and promote competition can make a big difference in the lives of millions of people in the country, said Warren, deputy director of the National Economic Council of Bydens and former aide to Warren. Said Bharat Ramamurti. interview.

Ramamurti not only dissolves the company, but also allows consumers to choose more checking accounts, cheaper, sell hearing aids without a prescription, and allow employees to work for competitors. Listed the potential benefits of limiting company restrictions on whether or not.

This approach is in stark contrast to the views of regulators during the Obama administration, when Mr Biden was Vice President.

The number of merged hospitals has quadrupled during President Barack Obama’s first term, with millions of patients having fewer options and higher medical costs.

In 2011, regulators approved the merger of Comcasts and NBCUniversal, combining strong cable and internet providers with media giants. The company’s vice president, David Cohen, rejected it as having no restrictions.

Only one of the three Federal Communications Commission members opposed the deal, and Christine Barney, head of the Justice Department’s antitrust law, said the merger would bring new and innovative products to the market. And said that consumers will be offered more programming options.

Obama’s agricultural secretary, Tom Billsack, who resumed Biden’s role in 2016, downplayed the harm of the agricultural merger.

In an interview with USA Today, Billsack inevitably long-term farmers reduce their options just because a couple of key players could potentially merge or consider other types of arrangements. I don’t think I guarantee it.

Biden has instructed federal regulators to consider stricter policies for business integration in hospitals, health insurance, meat processing and technology, including a review of past approved mergers.

And his antitrust regulators are trying to unleash the merger approved during the Obama era. The Federal Trade Commission’s recent proceedings to dissolve Facebook have focused on purchasing Instagram in 2012 and WhatsApp in 2014. Authorities did not prevent the merger, saying there was not enough evidence of harm to consumers and competition.

These decisions are back to annoy the FTC. A federal judge who dismissed Facebook’s complaint in June asked about the outline and why the Commission had been waiting so long to release these deals.

Courts are becoming more and more conservative in antitrust proceedings and are more strongly adhering to the belief that rising prices are the strongest sign of non-competition.

Executive officials acknowledged the challenge and scrutinized the antitrust views of future judicial candidates, hoping to bend the court to a more sympathetic view of the government’s efforts to prevent the merger and dismantle the monopoly. Say you are.

Sources

1/ https://Google.com/

2/ https://www.nytimes.com/2021/07/24/business/biden-antitrust-amazon-google.html

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