In Letter To Congressional Leadership, Senate Deputy Leader Gianaris Urges Feds To Take Action On Competition Reform
NEW YORK, N.Y. – Senate Deputy Leader Michael Gianaris is urging Congress to pass the American Innovation and Online Choice Act, legislation that would help consumers by better regulating Big Tech companies. Senator Gianaris has led the nation in fighting monopolies, including drafting the leading antitrust reform bill – the 21st Century Antitrust Act. In a letter to leaders of both houses of Congress and the chairs and ranking members of the House and Senate Judiciary committees, Senator Gianaris urges them to hold a vote on the federal legislation as soon as possible.
“Our nation’s antitrust laws have not kept pace with our modern economy and the tools used a century ago are no match for 21st century robber barons,” said Senate Deputy Leader Michael Gianaris. “I’m proud to have written the 21st Century Antitrust Act and am fighting to get this nation-leading bill done in New York, but Congress must also do its part to take on the Big Tech monopolies. I strongly urge this to come to a vote.”
Read Senator Gianaris’ full letter here.
About the 21st Century Antitrust Act
Under current state law, antitrust laws require two parties to conspire to manipulate the economy before enforcement actions can occur. In the current economy, however, major commercial players (particularly Big Tech) successfully manipulate the market unilaterally – by exerting dominance. Examples include manipulating search results to favor their own products and punish competitors as well as undercutting competitors’ prices at a loss to drive them out of business or pressure them to sell to the larger companies. Senator Gianaris’ 21st Century Antitrust Act would allow the state to take action against these players and would create an “abuse of dominance” standard to empower regulators to bring enforcement actions more successfully. Senator Gianaris’ legislation passed the State Senate in 2021 and 2022.