The United States legislatures from both parties Democrats and Republicans are heading against non-competitiveness in the Country. The bipartisan unity, making it harder for Big Tech companies to complete mergers and acquisitions of the other similar firms into their big group of the companies.
Sen. Amy Klobuchar (D-MN) has unveiled her proposed legislation to forbid mergers that create an appreciable risk of materially lessening competition in different sectors of country’s economy including Defense, IT, industries and biotechnology. The problem got much attention due to recent acquisition by few big tech giants such as Facebook acquisition of Instagram, Giphy and Google purchased of DoubleClick etc.
In fact, there is ongoing trend in the United States industries and other business ranging from medical case, construction, grocery stores, lathers, defense production firms, IT, biotechnology, and media. Everywhere big giants are continuously eating up their competitors in the market and this situation is being ended in the shape of non-competitiveness in all the sectors of economy of the country. The United States law makers had well pointed out the problem which is likely to take shape of an acute problem in coming days.
Presently, the initiative taken up by Senator Josh Hawley (R-MO) and Sen Amy Klobochar (D-MN) has attracted several other Democrats law makers including Sens. Cory Booker, Elizabeth Warren, Richard Blumenthal, and Ed Markey.
These group of Democrats are now wanting to bring the Republican colleagues on the board to introduced this “preemptive prohibition” bill against the acquisition of business entities by their competitors in the field. US law makers are also planning to introduce the “Pandemic Anti-Monopoly Act” that would impose a suspension on large mergers until the Federal Trade Commission determines that small businesses, workers, and consumers are no longer under severe financial distress.
This is very constructive and healthy approach by US lawmakers for saving the businesses and stalling monopoly in the market. Both parties are usually set a bipartisan approach on national interests and for welfare of common US citizens.
There is a big lesson for other countries such as Pakistan, where every problem is being seen with lens of politics by the politicians of all parties. Due to this tendency and political scuffle the genuine problems remained unsolved.
