Washington, D.C. — Today the U.S. House of Representatives Judiciary Committee held a hearing on a series of antitrust bills that would address the growing market power of the largest internet platform companies. In response, Marc Jarsulic, senior fellow and chief economist at the Center for American Progress, issued the following statement:
We support the strong bipartisan action by the House Judiciary Committee to address the immense market power of large internet platform companies. The recent House Subcommittee on Antitrust hearings and report, along with substantial independent empirical research, have demonstrated the anti-competitive effects of that power and shown how the incumbent firms act to maintain it. The proposed legislation updates antitrust law to prohibit behavior by these dominant firms that limits the entry of new competitors and frustrates innovation. Although the important issues created by the operation of their large online platforms will likely require new regulatory frameworks for online services, these bills will certainly increase competition and benefit the households and businesses who use these online services.
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