If you are a long-time reader of this blog, and my posts specifically, you know that Big Tech companies, such as Google and Apple, are facing antitrust scrutiny like never before. In February, Senator Amy Klobuchar, a Democrat, introduced a bill to curb the excesses of these multi-trillion dollar companies. And Congress shows no signs of letting up.
Congressional proposals regarding changes in antitrust enforcement continue to pour in from both sides of the aisle. In June, Republican Senators Mike Lee and Chuck Grassley introduced the Tougher Enforcement Against Monopolies, or TEAM, Act. The proposal would modify the standards used in merger evaluations and increase the penalties for antitrust violations. Its most radical feature is perhaps the “One Agency” clause, whereby according to a press release, in an effort to “streamline and strengthen antitrust enforcement” the bill will “consolidate[e] our antitrust enforcement agencies into one.” The bill would remove antitrust responsibilities from the Federal Trade Commission (“FTC”), consolidate enforcement at the U.S. Department of Justice (“DOJ”), and increase funding for the DOJ’s antitrust unit.
Whether the bill stands any chance of becoming law remains to be seen. But one thing seems to be clear. In this polarized political climate, Democrats and Republicans both acknowledge that antitrust enforcement needs to be stepped up against huge corporations with ever-increasing market power, especially in the technology and internet space.
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About David Calvello
David Calvello is a Senior Associate in Faruqi & Faruqi, LLP's New York office. He mainly practices in the area of antitrust litigation with a focus on competition in the pharmaceutical industry. He has worked on multiple cases that resulted in significant settlements, including In re Lidoderm Antitrust Litigation, 14-md-02521 (N.D. Cal.) ($166M settlement) and In re Solodyn Antitrust Litigation, 14-md-02503 (D. Mass.) ($76M settlement).
Senior Associate at Faruqi & Faruqi, LLP
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