Rep. Ken Buck (R-Colo.) says the Boulder field hearing in Feb 2020 was the turning point for him in the House antitrust probe. “Something has to be done.” #StiglerAntitrust22
“If you control the flow of information in a democracy, you control elections.
To have a monopoly on the flow of information, it threatens us. That’s what liberals and conservatives agree on.”
We have a system that protects us from the government having too much power. We don’t have a system that protects us from companies having too much power without antitrust, he says.
On the need for Big Tech legislation versus other antitrust reforms: “We need to address that before we address other areas. If we can’t get meaningful legislation on Big Tech, we can’t get it passed” on anything else.
Buck says he thinks 3 bills will pass before August — the merger filing fees (inside Competes), the State AG bill and the non-discrimination bill
The non-discrimination bill will go through the Senate first, he says and then the House. He expects at least 100 Republicans would vote in its favor
Buck says the non-discrimination bill is more important than the Open App Store bill, since that one applies only to Google and Apple, whereas the non-discrimination one would also bar self-preferencing by Amazon and Facebook.
“The object is to stay focused on Big Tech. Next January, let’s focus on pharma. Let’s focus on agriculture”
“What we’re trying to do is build momentum,” he says. “If we start too broad, we undermine our ability to do anything.”
“Congress is acting. Congress is sending a message. The judiciary will change the direction” if Congress acts, he says in response to a question about judiciary overruling congressional intent on antitrust.
Buck says he’s spoken to 80-90 or his colleagues. Their biggest fear is the federal government is doing too much and by giving antitrust enforcers more power, it will slow innovation. “If we can be successful here, we can prove there’s a role for enforcement.”
Buck says he’s not sure whether Democratic leadership is against the bill, noting that several key members have children who work for the tech companies. politico.com/newsletters/mo…
“We are not going to get the public to believe we can do something until we do something,” Buck says. “If we do this, we will move the needle.”
“What I am hoping they will do is not talk to Republicans but talk to a lot of Democrats,” Buck says of what he wants the WH to do to help.
When FTC Chair Lina Khan or the WH talk about using antitrust to address climate change or labor issues, it causes him difficulty with Republicans, Buck says. “I hope we can keep on message,” he says.
Buck acknowledges that he was asked by GOP leadership not to join the House Judiciary antitrust report, but to instead write his own. “Politics.”
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Antitrust AAG Jonathan Kanter of @JusticeATR on his approach: “Our job is to ensure a fair game not to choose who wins.” #StiglerAntitrust22
“Law enforcers and courts must respect Congress's core command that the antitrust laws should be applied to protect competition. How we do that must evolve as competitive realities themselves evolve.”
“we need to focus on markets as they exist today. If conduct harms competition, the models and tools, must adapt, not the other way around.”
Hello from the courtroom* of Judge Amit Mehta where a hearing is about to get underway on @JusticeATR request for sanctions against Google. (I am listening to the conference line so I can live-tweet without violating the DC court's rules against electronics)
DOJ says Google improperly taught its employees to mark internal many discussions as attorney-client privileged to shield documents from discovery. Google says that isn't an accurate representation of its policies and the docs that needed to be turned over largely have.
Judge is running a little late so we won't be getting underway till 1:15.
Assistant AG for Antitrust Jonathan Kanter of @JusticeATR says making sure the public is involved in discussions about antitrust is a priority. "We are not being faithful to the goals of the antitrust laws… unless we are reaching out and seeking input"
Highlights the FTC/DOJ listening sessions ahead of the guidelines update as part of the agency's efforts to expand access to justice.
FTC Chair Lina Khan says the agency is taking a "close look at the entire investigation process" of mergers. One thing that's troubling for enforcers, she says, is how “proposing facially unlawful deals has become normalized”
CFPB Director Rohit Chopra says he plans to move forward with "unused rulemaking" authority related to open banking and consumer control of data. "That's something I'm going to be looking to implement," Chopra says.
CFPB will also be working with the Justice Department on its review of banking merger guidelines, he says.
The FDIC has also opened a public consultation on bank mergers and are looking for comments on how bigger mergers, particularly ones involving more than $100B in assets, and how those impact broader financial stability issues.
AAG for Antitrust Jonathan Kanter says @JusticeATR is "more than ever" committed to litigate cases. "The public cannot bear the risk of a divestiture that flops," he says.
The agency will be prioritizing Clayton Act Section 8 cases to challenge "interlocking directorates" -- when a member of a company's board of directors also serves on another company's board or within the company's management.
He also announces a slight change to the DOJ's Leniency Program to emphasize that a company must notify the DOJ "promptly" if it finds a violation.
In her keynote, @FTC chair Lina Khan discusses several ways that today's tech giants are different from monopolists of the past. 1) Their economic reach. While they are dominant in one (or sometimes more) areas they are expanding into other sectors: Rx, payment systems, Hollywood
The abundant cash flow of the tech giants lets them finance entry into nascent and emergent markets, where they can monetize operations in a way that is not available to anyone else, Khan says.
2) Business strategy. The companies aren't necessarily using the playbook where they buy up a startup to foreclose it, or cut off access to keep it from taking over their monopoly.