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Antitrust craze would unplug progress made by big tech

Veronique de Rugy

Always beware of the name given to a piece of legislation. It rarely accurately describes the likely impact of enacting a bill. In fact, statutes often do the opposite of what their names suggest.

Case Sen. Amy Klobuchar’s, D-Minn., proposed legislation named the American Innovation and Choice Online Act. While everyone likes more choice and innovation, this bill would hinder both as it imposes high costs on consumers. In fact, a more apt name for Klobuchar’s bill would be the Anti-Consumer and Stagnation Act of 2022.

Born out of the recent eagerness to expand antitrust regulation, the bill would empower government bureaucrats at the Federal Trade Commission and the Department of Justice to bridle the economy’s thriving technology sector with regulations and mandates aimed at making “big” companies smaller regardless of how well a “big” firm is serving consumers. The economics of this idea are all wrong.