NEW YORK, NY—Today, Sen. Elizabeth Warren (D-MA) proposed that the US break up the largest technology companies—including Amazon, Google, and Facebook—that are crowding out competition and fueling America’s market power crisis.
Furthermore, Warren calls for “a government that makes sure everybody — even the biggest and most powerful companies in America — plays by the rules… we need to stop this generation of big tech companies from throwing around their political power to shape the rules in their favor and throwing around their economic power to snuff out or buy up every potential competitor.”
In response Marshall Steinbaum, Roosevelt Fellow and Stephanie Sterling, VP of Advocacy and Policy issued the following statements:
“Breaking up tech giants is critical to developing antitrust policy—and an economy—that works for all Americans. Any policy intended to curb corporate power in the economy that does not specifically address the tech sector is like a climate change policy that does not address the fossil fuel industry.”
“The power that this proposal gives to regulators is part of the American tradition, and it is already available to public officials. Much of this proposal is intended to encourage regulators to use the power they already have. That is why appointing regulators who will act in the public interest is so important. Antitrust enforcers need to enforce structural separations to take those business models off the table and better prioritize the interests of suppliers, creators, and workers.”
The Roosevelt Institute has led the charge for reforming antitrust regulations as part of a bold agenda to address economic inequality. Marshall Steinbaum authored The Effective Competition Standard: A New Standard for Antitrust, a report that outlines new rules to revive America’s antitrust regime.
About the Roosevelt Institute
The Roosevelt Institute, a New York-based think tank, promotes progressive policy reforms that would redefine the American economy and our democracy. With a focus on curbing corporate power and reclaiming public power, Roosevelt is helping people understand that the economy is shaped by choices—via institutions and the rules that structure markets—while also exploring the economics of race and gender and the changing 21st century economy. Roosevelt is armed with a bold vision for the future, working to move the country toward a new economic and political system: one built by many for the good of all.
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