Sen. Amy Klobuchar Introduces Big Tech Antitrust Bill Proposal
Sen. Amy Klobuchar (D-Minn.) announced on Thursday that she is introducing a new bill to enhance antitrust laws, targeting dominant companies that have been accused of abusing their monopoly power.
Some of the main points of the bill would be more rigorous standards for big companies looking to merge with others, increasing the budget for the Department of Justice’s Antitrust Division and the Federal Trade Commission by $300 million and allowing it to seek civil penalties for monopoly law violations, as well as enhancing whistleblower incentives in relation to possible civil violations.
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Wednesday, February 3, 2021
On February 2, 2021, the Federal Trade Commission (FTC) published its adjusted reporting thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in the Federal Register. The revised thresholds, which track with year-over-year changes in gross national product (GNP), represent an approximate 2.13% decrease over last year’s thresholds, and they will become effective for all transactions closing on or after March 4, 2021 (30 days after their initial publication). Reductions in GNP for 2020 relate to economic contractions caused by the global pandemic, but large companies that are still awash with cash may find that more of their deals are subject to premerger notification requirements (and potential antitrust scrutiny) than in previous years.
Key Points - Until recently, the McCarran-Ferguson Act of 1954 made the “business of insurance,” including the business of health insurance, immune from federal antitrust.
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On February 2, 2021, the Federal Trade Commission (FTC) published its adjusted reporting thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in the Federal Register. The revised thresholds, which track with year-over-year changes in gross national product (GNP), represent an approximate 2.13% decrease over last year’s thresholds, and they will become effective for all transactions closing on or after March 4, 2021 (30 days after their initial publication). Reductions in GNP for 2020 relate to economic contractions caused by the global pandemic, but large companies that are still awash with cash may find that more of their deals are subject to premerger notification requirements (and potential antitrust scrutiny) than in previous years.