June 15, 2021 (WASHINGTON, DC): Below is a statement from Connected Commerce Council President Jake Ward in response to the recent introduction of several antitrust bills in the House of Representatives and the expectation of similar bills being introduced soon in the Senate.
“Consumer protection is essential. Fair and competitive markets are important. And motivation matters.
“To properly align the mechanics of capitalism with the best interests of society, the United States has regulated otherwise free markets for more than a century. Through economic challenges, technological advancement, industrial innovation, and world wars, antitrust laws have protected us from market abuses by monopolists. The fundamentals of these laws helped avoid abuses inextricably tied to monopoly power and attempts to monopolize or manipulate markets.
“Now, when the economy is just beginning to recover, these fundamentals and principles are being tossed aside by self-proclaimed “modern-day trustbusters” grandstanding and fundraising on “big is bad” legislation. These proposed laws are as inoperable as they are insane and they offer no new protections for consumers while actually harming millions of small businesses. The Cicilline-Buck-Klobuchar alliance is audaciously carrying water for publicly traded companies like Oracle, IAC and Yelp while claiming to defend small businesses, but American small businesses aren’t fooled. They know better than anyone that success can’t be bought, it must be earned.
“Now, when the economy and millions of small businesses are struggling in the pandemic’s turbulent economic wake, is not the time to attack digital industry leaders that helped small businesses stay open and avoid a global depression. Small businesses need more PPP loans, more digital education and economic stability. They don’t need overreaching ‘anti-monopoly’ proposals that regulate companies whose size, scale and simplicity are precisely what help small businesses. The digitally empowered small business success story should be embraced by Congress, not attacked for its scale.”