US Senators Amy Klobuchar and Richard Blumenthal introduced legislation on Friday, August 2, to allow harsher penalties for companies that violate antitrust law, following a Justice Department probe into alleged anticompetitive behavior by big tech.
The “Monopolization Deterrence Act” by the Democratic senators would allow the Justice Department and the Federal Trade Commission to seek civil penalties for monopolization offenses under US antitrust law, Klobuchar’s office said in a statement.
US antitrust enforcers are scrutinizing tech giants Facebook, Alphabet’s Google, Amazon, and Apple to probe allegations that they engage in anticompetitive behavior.
Klobuchar, who is seeking the Democratic nomination for president in 2020, said in the statement the legislation would allow “serious financial consequences” to combat the United States’ “major monopoly problem.” Under the bill, the penalties could be as high as 15% of the company’s total US revenue.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI