In his first State of the Union address since Republicans took a slim House majority, Biden called on Congress to strengthen American antitrust law to crack down on Big Tech’s monopoly power. “Capitalism without competition is not capitalism,” Biden said
Biden Calls for Antitrust Laws to Rein in Big Tech After Schumer Blocked Last Effortn his first State of the Union address since Republicans took a slim House majority, President Joe Biden called on Congress to take up an issue over which there’s growing bipartisan momentum but powerful obstacles that stand in the way: strengthening American antitrust law to crack down on Big Tech’s monopoly power.
Schumer insisted the bills didn’t have the votes needed to pass, contradicting the chief architects of the legislation, Sen. Amy Klobuchar, a Democrat from Minnesota, and Sen. Chuck Grassley, a Republican of Iowa. Grassley told TIME last fall that more than 20 Republicans were prepared to vote for the package.
Throughout much of last year, Big Tech lobbying firms waged a multi-million dollar advertising campaign to torpedo both bills, which some Hill sources suspect spooked some Democrats up for reelection in 2022. A Democratic Congressional aide familiar with the matter told TIME that Speaker Nancy Pelosi didn’t want to put her members through a difficult vote without the measures first passing the Senate, where the motion needed a 60-vote majority.
The majority leader also allowed an amendment in the spending bill that lets those agencies immediately collect higher fees from companies that need them to review proposed mergers, a move that is projected to help the FTC and DOJ collectively rake in roughly $1.4 billion over the next 10 years, according to a Congressional aide familiar with the process.
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