🎉 VICTORY ALERT: Antitrust bill shelved

Posted October 26th, 2022 | Status:

We have good news – and an important heads up.

  • THE VICTORY: A key federal antitrust bill will NOT advance this year.
  • THE WARNING: Three “anitrust lite” bills could still be considered.

Read on for the nitty gritty…


CELEBRATING A PRO-JOBS WIN

Aggressive antitrust legislation we’ve been working for months to halt has been shelved for the year. Senator Amy Klobuchar’s S.2992 will not move forward in the U.S. Senate – for now. If you’ve been following our Action Alerts, op-ed placements, and other intel-sharing efforts, you know the federal bill dubbed the “American Innovation and Choice Online Act” doesn’t bolster choice or innovation.

It actually threatens to undermine American innovation and cede our nation’s technological edge to foreign adversaries – all while hurting consumers, competition, and security. California, home to more tech jobs than any other state, stands to lose the most. S.2992‘s failure to advance in the Senate is welcome news for the diverse business community.


THANKING OUR GRASSROOTS ARMY

We want to thank the following BizFed partners and members for stepping up to fight the good fight with us, protecting American innovation and an untold number of California jobs.

Employers Group
California Business Properties Association
Culver City Chamber of Commerce
Hollywood Chamber of Commerce
Los Angeles Area Chamber of Commerce
Redondo Beach Chamber of Commerce
San Pedro Chamber of Commerce
Santa Clarita Valley Chamber of Commerce
Silicon Valley Leadership Group
South Bay Association of Chambers of Commerce
Torrance Chamber of Commerce
Valley Industry & Commerce Association


STAYING VIGILANT

Although the Senate will not take up S.2992, the House recently passed three bills with similar “antitrust” goals that are less aggressive but equally concerning in principle. These three bills all seek to:

  • Increase HSR (Hart-Scott-Rodino) fees for larger transactions
  • Require disclosure of economic support from certain foreign states
  • Prevent the transfer of litigation brought by state attorneys general.

Senators are expected to debate whether to take up these bills when they return in mid-November after the midterm elections. Although these proposals are not as far-reaching as Klobuchar’s S.2992, we’re watching and listening closely for movement. Stay tuned for developments.


Onward toward more jobs, competition, and innovation!


BizFed Founding CEO

 

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