Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today expressed significant concerns and warned of unintended consequences over a proposed overhaul of antitrust regulations in the U.S. Senate that could lead to widespread consumer and economic harm. The following can be attributed to TechNet President and CEO Linda Moore:
“The legislation announced today in the U.S. Senate, which mirrors harmful legislation previously introduced in the U.S. House of Representatives, would have vast unintended consequences that will hurt consumers and small- and medium-sized businesses in every community in the country.
“The bill will negatively impact many of the free or low-cost conveniences and services consumers want and value. The way we communicate with loved ones, locate missing devices, get driving directions, and receive goods needed for our health, safety, and well-being, which is especially important during the pandemic, would be changed for the worse. Under the bill, consumers would also pay more for everything from shipping costs to everyday items like batteries, school supplies, and home essentials.
“Millions of businesses rely on the tools and services provided by the companies targeted in this bill, with 85 percent saying the digital tools these companies offer have helped their business. The legislation threatens the way small businesses can reach new and existing customers, sell goods, create employment opportunities, and grow and expand. Restricting these services will cause businesses to pay more for the tools and products they need to stay open and succeed. As business costs increase, the price consumers pay will rise, fewer jobs will be created, and our economy will slow considerably.
“American innovation must be embraced and allowed to flourish, not discouraged through legislation. We never know where the next great, life-impacting idea or product will come from. By fundamentally altering our country’s approach to antitrust regulation, we will weaken our economy, hurt consumers and job creators, and negatively impact America’s global competitiveness at a time when it’s most critical. Instead, Congress should focus their attention on passing a federal privacy law, which 83 percent of voters want and would positively benefit consumers, businesses, and our economy.”