Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, issued the following statement, attributable to President and CEO Linda Moore, following today’s announcement of a joint public inquiry on merger guidelines by the Department of Justice and the Federal Trade Commission:
“A strong startup economy is key to our nation’s future. By making it harder for startups to be acquired by U.S. companies, jobs will be lost, our economy will be weakened, and our foreign competitors strengthened. Government agencies have proven over decades they can protect competition. Of approximately 780 mergers contested over the past 20 years, the government has won all but 11. This shows the current system is working. We must ensure that investment remains in the U.S. and doesn’t go to places like China that threaten U.S. competitiveness and national security.”