US Senator Amy Klobuchar, who is now the chair of the senate judiciary subcommittee, has announced a new sweeping antitrust legislation that would significantly raise the risk for companies such as Facebook, Apple, and Google.
Klobuchar proposed a competition and antitrust law enforcement reform act that would make major changes to antitrust law, granting enforcement agencies more powers to impose larger fines, and shifting the burden of proof over mergers onto companies.
RT’s Boom Bust host Brent Jabbour discusses the new legislation with his co-host, investigative journalist Ben Swann, and considers the impact it could have on the profits of Big Tech corporations.
The new legislation is set to significantly increase fines for breach of antitrust laws, forcing the corporate giants to think twice before committing antitrust violations, Ben Swann says.
“Part of what’s been built into these tech companies, and their bottom line in doing business, is to say, ‘Well, we know we’re going to pay fines because we’re going to break the law’,” he said, commenting on the fact that corporations used to build that into the cost of doing business.
“Senator Klobuchar’s bill would essentially increase the current maximum fine from $100 million to 15 percent of the gross annual revenue of a company,” Swann added.
For more stories on economy & finance visit RT’s business section