Today begins a new era in the fight against corporate monopolies.
That’s thanks to a bill — the Prohibiting Anticompetitive Mergers Act of 2022 — introduced in Congress by Sen. Elizabeth Warren and Rep. Mondaire Jones.
- The legislation would confront the danger of acute corporate concentration in America by giving the Federal Trade Commission and the Department of Justice the tools to block, and even reverse, mega-mergers.
- Proposed mergers worth more than $5 billion could be blocked automatically.
- And past mergers that resulted in a market share of over 50% could be reversed retroactively.
- The bill already has many co-sponsors, including Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez.
Public Citizen — along with more than 40 allied organizations, including Color Of Change, Demand Progress, Greenpeace USA, the International Brotherhood of Teamsters, and Our Revolution — sent a letter to Sen. Warren and Rep. Jones today supporting the bill.
As noted in our letter:
“America has a corporate concentration and monopoly problem. Nearly every sector of every industry is highly concentrated. Monopoly power lowers wages, reduces innovation and entrepreneurship, exacerbates income and regional inequality, undermines the free press and access to information, and perpetuates toxic systems of racial, gender, and class dominance.”
Tell Congress:
The Prohibiting Anticompetitive Mergers Act of 2022 would drive competition, improve wages and working conditions, give consumers more choice, increase opportunities for small and minority-owned businesses, and reinvigorate local and rural communities. Pass this critical legislation without delay.
Add your name now.
Thank you for taking action.
For progress,
- Robert Weissman, President of Public Citizen
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