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Democratic lawmakers introduced legislation Wednesday that would make mergers worth more than $5 billion illegal.
The Prohibiting Anticompetitive Mergers Act, from Sen. Elizabeth Warren (D-Mass.) and Rep. Mondaire Jones (D-N.Y.), would also bar deals resulting in market shares above 33% for sellers or 25% for employers.
The bill would “stomp out rampant industry consolidation that allows companies to raise consumer prices and mistreat workers,” according to a press release from the sponsors. They pointed to recent mergers like Meta Platforms Inc.‘s acquisition of Instagram and T-Mobile US Inc.‘s merger with Sprint.
The bill joins other Democratic efforts to crack down on anticompetitive behavior by major companies, with a particular focus on big tech. It’s unlikely to advance, however, as no Republicans have co-sponsored it.
Under the bill, the Justice Department and Federal Trade Commission would for the first time be required to consider how a merger would affect workers and would be empowered to break up mergers and reject deals without having to wait for court orders.
Firms that have committed corporate crimes or violated antitrust laws in the last 10 years would be barred from acquiring other companies, the legislation states.
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