The bill will be crucial in going after Big Tech monopolies’ ability to gobble up competitors
WASHINGTON, DC – Today, the Tech Oversight Project lauded the passage of H.R. 3843, the Merger Filing Fee Modernization Act, which passed the House of Representatives by a vote of 242-184. The bill would provide a much-needed update to federal merger enforcement by lowering the fees for small mergers, raising the fees for large mergers, and ensuring massive corporations pay their fair share in the merger review process, and will be crucial in going after Big Tech monopolies’ ability to gobble up competitors. According to a CBO estimate, it will also save taxpayers $1.4 billion.
The Tech Oversight Project was proud to endorse this legislation alongside 30+ civil society organizations, think tanks, consumer groups, and labor unions. The measure was also supported by over 32 State Attorneys General, including California Attorney General Rob Bonta.
“Big Tech and their front groups pulled out all of the stops to kill this reasonable, bipartisan measure, and they failed with flying colors. This not only shows momentum for tech accountability but proves that Congress is willing to break Big Tech’s iron-clad grip on policymaking,” said Sacha Haworth, Executive Director of the Tech Oversight Project. “Passing the Merger Reform package is an important first step in denting Big Tech’s ability to gobble up competitors at will, collude among themselves, and ultimately raise prices by limiting choices for consumers. Now, we need to go one step further and pass the American Innovation and Choice Online Act and the Open App Markets Act. It’s time for Senate Majority Leader Chuck Schumer to make good on his promise.”