Democratic Senator Amy Klobuchar on Thursday introduced an antitrust bill that, if passed, could have huge ramifications for Big Tech companies. Klobuchar said that she wanted to regulate giant tech companies in particular.
As reported by CNBC, the proposed “Competition and Antitrust Law Enforcement Reform Act” would make sweeping changes to antitrust law, granting enforcement agencies more powers to impose bigger fines and shifting the burden of proof for companies over mergers.
Per Protocol, the bill would give the Department of Justice (DOJ) and Federal Trade Commission (FTC) a lot more power to penalize companies financially if they break competition rules. Currently, the maximum fine for these breaches is $100 million — the bill would let the DOJ and FTC impose fines of up to 15% of a company’s annual revenue, massively boosting the size of potential fines for the biggest tech companies, whose revenues stretch into the tens of billions.
The bill would also force large companies to prove any acquisition of a smaller company is above-board, rather than relying on government agencies to prove wrongdoing.