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March 17, 2022 01:25 am

Congressional Bills Would Ban Tech Mergers Over $5 Billion

Senator Elizabeth Warren and House Representative Mondaire Jones have introduced legislation in their respective congressional chambers that would effectively ban large technology mergers. Engadget reports: The Prohibiting Anticompetitive Mergers Act (PAMA) would make it illegal to pursue "prohibited mergers," including those worth more than $5 billion or which provide market shares beyond 25 percent for employers and 33 percent for sellers. The bills would also give antitrust regulators more power to halt and review mergers. They would have authority to reject mergers outright, without requiring court orders. They would likewise bar mergers from companies with track records of antitrust violations or other instances of "corporate crime" in the past decade. Officials would have to gauge the impact of these acquisition on labor forces, and wouldn't be allowed to negotiate with the companies to secure "remedies" for clearing mergers. Crucially, PAMA would formalize procedures for reviewing past mergers and breaking up "harmful deals" that allegedly hurt competition. The Federal Trade Commission has signaled a willingness to split up tech giants like Meta despite approving mergers years earlier. PAMA might make it easier to unwind those acquisitions and force brands like Instagram and WhatsApp to operate as separate businesses.

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