The Next Bipartisan Issue
Amy Klobuchar is pushing for Antitrust Laws so large companies can’t stifle startUps
“Disruption is what we want in tech, we want new companies coming up,” Klobuchar said. “Privacy and misinformation products have not been developed in the big market because big guys keep buying up the competition.”
Using her new initiative, “We rejuvenate capitalism.” and “We facilitate new startups.”
She has introduced a bill: The competition and anti-trust enforcement reform act (CALERA) which seeks to reform the Federal Trade Commission (FTC) and the Department of Justice anti-trust division. “Those regulatory agencies are basically shadows of what they were even under the administration of Ronald Regan.”
Facebook has acquired 89 companies since 2004.
“In the long-run we want choice and competition.”
“The free market is great as long as you have the anti-trust laws enforced which hasn’t been happening at all.”
The anti-trust legislation she seeks would not kill the big companies. It would only force them to engage in a more healthy competitive marketplace.
Klobachar gives a brief history of ant-trust sentiments: Anti-trust sentiments led to the American Revolution. The Tea Party was a revolt against higher taxes and against the monopoly of the East India Tea Company. Thomas Jefferson and others wanted more in the Constitution to protect competition and to regulate monopolies. The Sherman Act of 1890 and the Clayton Act of 1914 both attempted to put the brakes on run away monopolies. In 2008 we saw that more has to be done, because we had banking industries that were “too big to fail”.
Her new book is called Anti-trust.