Tech

Congressional bill would ban technology mergers of more than $5 billion.

Senators Elizabeth Warren and Assemblyman Mondaire Jones each introduced the following bills in the Senate. Effectively ban large-scale technology mergers. Engadget reports: that much Anti-Competitive Mergers Act (PAMA) would make it illegal to pursue “forbidden mergers”, including companies that are worth more than $5 billion or offer more than 25% market share to employers and 33% market share to sellers. The bill would also give antitrust regulators more power to halt and review mergers. They reserve the right to veto the merger entirely without requiring a court order. They likewise prohibit mergers of companies that have had antitrust violations or other “corporate crime” cases in the past decade. Officials must measure the workforce impact of these acquisitions and are not allowed to negotiate with the company to secure a “bailout” for liquidation of the merger.

Crucially, PAMA will review past mergers and formulate a process to destroy “harmful deals” that are alleged to impede competition. The Federal Trade Commission willing to do Splitting up tech giants like Meta despite having approved the merger a few years ago. PAMA makes it easier to lift these acquisitions and run brands like Instagram and WhatsApp as separate businesses.

Congressional bill would ban technology mergers of more than $5 billion.

Source link Congressional bill would ban technology mergers of more than $5 billion.

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