Small Business Rising Coalition Members' Support New Anticompetitive Mergers Act
Today, Sen. Elizabeth Warren (D-MA) and Rep. Mondaire Jones (NY-17) introduced the Prohibiting Anticompetitive Mergers Act of 2022. This legislation would prohibit mega-mergers in the United States, and allow the Federal Trade Commission (FTC) and Department of Justice (DOJ) to review and undo past mergers if they do not meet the new standard.
In response, Cambridge Local First (CLF) and Westchester Independent Business Alliance, members of Small Business Rising, released the following statements:
“We applaud Senator Warren and Representative Jones for their outspoken leadership on monopoly issues. The introduction of the Prohibiting Anticompetitive Mergers Act of 2022 is a critical step toward reversing decades of concentration in our economy.
“Concentrated market power is the single biggest threat facing independent, small businesses. Anti-competitive mergers are one of the key ways corporations gain and maintain their monopoly power, which enables them to exploit and dominate small businesses.
“Local independent businesses are the backbone of our communities in New York," said Bob Giordano, President/Founder of the Westchester Independent Business Alliance. "They provide character and individuality while keeping jobs and money in the local community. Our small businesses do so much for our communities, but too often the deck is stacked in favor of dominant companies like Amazon, big box stores and national and regional chains. We need this legislation to break up the power of monopolies and ensure small, independent businesses a fair shot at competing."
“Concentrated market power is the single biggest threat facing independent businesses in my community,” said Theodora Skeadas, Executive Director, Cambridge Local First (CLF), “Cambridge Local First represents nearly 500 unique small businesses in Cambridge, Massachusetts. A key part of our mission is to promote and celebrate a 'local economy community' and support our home town businesses. We need Congress to step in and stand up to giant businesses like Amazon that are undermining our communities. It’s a relief to see Sen. Warren and Rep. Jones bringing some basic fairness back to our economy.”