Amy Klobuchar wants to help the government fight more strongly against monopolies

Sen. Amy Klobuchar (D-MN) on Friday introduced a new bill that would give US antitrust enforcement officials the right to seek fines for anti-competitive behavior. because there would be clear punishments for the violations.

At the present time, the federal government has its hands tied when it comes to punishing anti-competitive behavior. In most cases, the FTC chooses to get along with companies rather than suing them when they are suspected of breaking the law.

Klobuchar's "Law on the Deterrence of Monopolization" would empower both the Justice Department and the Federal Trade Commission to seek civil sanctions for conduct that they deem monopolistic. Theoretically, the bill would encourage companies not to violate US antitrust law for fear of being fined. If approved, the FTC and DOJ could fine offenders by up to 15% of their total US revenue for the previous year, or 30% of the total. their revenue during the period during which the illegal behavior took place – the higher of the two.

"We have a major monopoly problem in this country," said Klobuchar. "Thus, when the federal authorities observe illegal monopolistic behavior, they must act decisively to make sure that it stops."

Until now, Senators Richard Blumenthal (D-CT), Dianne Feinstein (D-CA) and Ed Markey (D-MA) are the only other legislators to have supported the bill. No Republican has supported it so far.

US antitrust authorities have spent the last few months opening and conducting antitrust investigations at some of the country's largest technology companies, including Facebook, Google, Amazon and Apple. But a handful of lawmakers have warned that the DOJ and the FTC may not have the necessary authority to discourage monopolistic behavior in the future.

Klobuchar's bill does not particularly highlight US technology companies, but it would help provide the authorities with the tools they need to more effectively combat technology monopolies and encourage them to abide by the law. "The threat of an injunction is not always enough to deter this illegal behavior from occurring," continued Klobuchar. "Dominant companies should be advised of the serious financial consequences of monopolistic behavior that is unlawful financially."