The coronavirus pandemic has paralyzed the world economy, but vast tech fellowships remain relatively well-positioned to reach into their deep pocket to obligate big-hearted moves.
In an effort to call attention to the plight of smaller businesses — and the inordinate capability and resources of larger ones — Sen. Elizabeth Warren( D-MA) and Rep. Alexandria Ocasio-Cortez( D-NY) will propose new legislation to freeze large unitings and buys during the coronavirus crisis. Their new proposal announcements out” big tech” by name.
The Pandemic Anti-Monopoly Act, set to be introduced after Congress is back in session, would play-act a standstill on combinations and buys from companionships with more than $ 100 million in revenue, financial institutions with a market capitalization of more than $ 100 million, private equity companies, hedge fund and companies that private equity corporations or hedge funds have a majority-ownership stake in. The greenback would also affected interrupt on mergers and possessions by companies with” an exclusive patent that impacts the crisis .”
Last week, House Antitrust Subcommittee Chairman David Cicilline( D-RI) called for similar measurings, warning against ” mega-mergers ” such as those that took place in the wake of the 2008 financial crisis.
” The LEAST we should do is halt large-scale consolidations during COVID to slow the consolidation of spheres ,” Ocasio-Cortez said in a tweet.