Thread by @matthewstoller

House Antitrust Subcommittee hearing on legislative proposals to change the antitrust laws streaming now.

Wow, Judge Diane Wood attacks Robert Bork, Trinko, the consumer welfare standard in antitrust... docs.house.gov/meetings/JU/JU…

"The only problem with Professor Bork’s assertion that it is clear that the Sherman Act was only about “consumer welfare,” as he defined it, is that there is little to no support in the legislative history of the statute to support it." - Judge Diane Wood

"True as it might be that “the antitrust laws are for the protection of competition, not competitors,” it is equally true that without competitors, there will be no competition." - Judge Diane Wood

This is a big deal.

Colorado Attorney General Phil Weiser basically puts forward a framework that will not work. Put antitrust in the hands of center left economists to interpret consumer welfare, not right-wing ones. The problem is consumer welfare! docs.house.gov/meetings/JU/JU…

Now Republican Commissioner @FTCPhillips is talking about how the FTC vigorously enforces the antitrust laws. This is infuriating. YOU VOTED AGAINST BRINGING THE FACEBOOK CASE.

I'm sorry but @FTCPhillips is being super sleazy. "Some calls for reform seem to promise that antitrust can solve a host of issues in our society, from the political power of large corporations to privacy to labor rights to racial inequality."

Who? Name?

docs.house.gov/meetings/JU/JU…

"Competitive M&A is no different. We can and do stop bad ones, but over-regulating will stop good ones, too."

Mustn't stop all those wonderful mergers. This is a Republican FTC Commissioner talking.

Best part of @FTCPhillips testimony is when Chairman David Cicilline interrupts him and says 'wrap it up.'

Republican Nebraska Attorney General Doug Peterson is great. docs.house.gov/meetings/JU/JU…

Nice. @davidcicilline is going at the FTC hard for its total failure on Google in 2012, as well its approval of Google's acquisition of Doubleclick and Admob.

Now @MondaireJones and Judge Diane Wood are talking about consumer welfare and what a problem that philosophical orientation has been for antitrust.

Oh this is good. @JoeNeguse asks Phillips 'is the FTC's approach to pharmaceutical mergers working?' Phillips dances around. Neguse offers a follow-up, cites @chopraftc/@RKSlaughterFTC pharma merger dissents.

Never mind. The slobbering over a 'working group' and cooperation among bureaucrats needs to stop. Come on, do something.

Republican @DarrellIssa is asking a smart series of questions on the use of standard essential patents to monopolize markets. This is a Qualcomm case related issue.

I'm impressed by @repdarrellissa and @MondaireJones so far. I hope someone asks @FTCPhillips on why he opposed the Facebook antitrust suit.

My organization and @Public_Citizen submitted a statement for this hearing. economicliberties.us/press-release/…

Good line of questions from @RepJeffries on why the FTC allowed Facebook mergers.

Also, on that pharma merger working group...

https://twitter.com/PharmaCheats/status/1372634286281666560

Now Republican @FTCPhillips says that censorship by big tech platforms is not a market power problem. Wow. Says content moderation is governed by the first amendment.

Is he working for Facebook now or just waiting until he leaves?

Oh wow @davidcicilline is going at @FTCPhillips for voting against the Facebook antitrust case.

This is good.

@Jim_Jordan: If we're not going to use antitrust to deal with censorship and you are reluctant to talk about Section 230, what's the answer?
Phillips: "I'm afraid I don't have a good answer."

Then @RepKenBuck brought up the Hepburn Act, which split up railroads and coal companies, and Phillips had never heard of it.

Now @RepKenBuck asks: "What is the last antitrust case brought purely on innovation grounds without any price impacts?"
@FTCPhillips: "Off the top of my head I can't think of one."

😂

Monopoly Weasel had a very bad hearing.