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U.S. senator wants to ban Big Tech from buying anything ever again

Stock MarketsApr 12, 2021 08:55PM ET
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© Reuters. U.S. Senate panels examine security failures that led to attack on Capitol

WASHINGTON (Reuters) - U.S. Senator Josh Hawley, a Republican who has been a staunch critic of Big Tech, said on Monday he has introduced a bill that would ban all mergers and acquisitions by any company with a market value greater $100 billion, a category that includes the five biggest U.S. tech companies.

Hawley, who accuses the biggest social media companies of stifling conservative voices, also criticized other sectors, like pharmaceuticals, which he said were too concentrated and held too much market power.

His new bill would effectively ban Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) Inc's Google and Facebook Inc (NASDAQ:FB) from any deals and would attempt to stop their platforms from favoring their own products over those of rivals.

Hawley's bill tackles some of the same problems as an antitrust bill introduced by Democratic Senator Amy Klobuchar in February, and contains some similar measures.

Asked about Klobuchar's bill, Hawley said, "I'm willing to work with her and anybody of any party and any background. I like a lot of what Senator Klobuchar has proposed."

He described his bill as "significantly tougher."

In the House of Representatives, Representative David Cicilline has said he plans to introduce a series of antitrust bills.

Hawley was also asked if he would support tech critic Lina Khan, a progressive who has been nominated to be a commissioner on the Federal Trade Commission, which works with the Justice Department to enforce antitrust law. Hawley said he was "very impressed" by her but added, "I have not made a final decision."

U.S. senator wants to ban Big Tech from buying anything ever again
 

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Comments (15)
Truth Trader
Truth Trader Apr 13, 2021 5:43AM ET
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Anti Merican.
Roger Miller
Roger Miller Apr 13, 2021 12:28AM ET
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Take away overly protective intellectual property rights. it won't completely prevent the influence they have, but will make their existence a lot harder. Makes no sense for these companies to grow big partly as a result of government legislated legal protections, and then have government try and jnock them back down.
Roger Miller
Roger Miller Apr 13, 2021 12:28AM ET
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A good example is internet protocols, no one owns them so had to be agreed on in a cooperative manner. No one "owns" the internet.
Benjamin McIntire
Benjamin McIntire Apr 13, 2021 12:06AM ET
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Just tax them more! If you ban m&a, they will just steal and copy. Thats worse.
Albin Kampfer
Albin Kampfer Apr 12, 2021 11:56PM ET
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Another hypocrite Republican who wants hands off government until he wants to tell people what to do.
Joel Schwartz
Joel Schwartz Apr 12, 2021 11:31PM ET
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Mods, your entire site is full of spam. I don’t know how you don’t see this.
danny Levine
danny Levine Apr 12, 2021 11:31PM ET
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mods only censor conservatives. bots they couldn't care less
David David
David9 Apr 12, 2021 9:17PM ET
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I told you guys... we are copying China every day but still act like we are better...
danny Levine
danny Levine Apr 12, 2021 9:17PM ET
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the dems are cleansing conservatives
Benjamin McIntire
Benjamin McIntire Apr 12, 2021 9:10PM ET
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Lets do it.
Wasiu Adekola
Wasiu Adekola Apr 12, 2021 8:48PM ET
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what happened to the free market
Aleksandr Rogovoy
Aleksandr Rogovoy Apr 12, 2021 8:48PM ET
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it is gonna be really free from bg tech dictator.
Patron Silver
Patron Silver Apr 12, 2021 6:46PM ET
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haha so much for the capitalistic structure repubs exalted
John Conaghan
John Conaghan Apr 12, 2021 5:51PM ET
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good enough, they enough money!!
Tomislav Ćosić
Tomislav Ćosić Apr 12, 2021 5:51PM ET
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You sound like a completely blinded populist. This should never even be considered! Disgraceful behavior by politicians such as in this case will continue as long as we continue to enable the big government.
Salvatore Malfitano
Salvatore Malfitano Apr 12, 2021 5:35PM ET
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What a hack. What happened to free markets?
Catholic Man
CatholicMan Apr 12, 2021 5:27PM ET
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Reject any progressive, their policies never work.
David P
David P Apr 12, 2021 5:12PM ET
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They’ve become totally political and they are simply too big and too powerful to be political.
danny Levine
danny Levine Apr 12, 2021 4:54PM ET
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just ban them!
Jan Buyle
Jan Buyle Apr 12, 2021 4:53PM ET
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I'm not a rep voter, but I like this proposal.
 
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