WASHINGTON D.C.: With the introduction of a bill by U.S. Senators Michael Shumway Lee and Charles Ernest Grassley on June 15, if passed, all antitrust enforcement would become the responsibility of the Department of Justice, and removed from the Federal Communications Commission and the Federal Trade Commission.
No companion bill has been introduced in the United States House of Representatives.
Introduction of the bill by Grassley, the Senate Judiciary Committee's leading member, and Lee, ranking Republican on the antitrust panel of the committee, will also seek to prohibit company mergers resulting in a greater than 66 percent market share, unless deemed necessary to prevent harm to the economy.
"We need a holistic approach that deals with all of these concerns, and that benefits all consumers, in every industry without massively increasing regulation and imposing a command-and-control grip over the economy," Lee stated.
The bill will also lead to a considerable increase of the $600 million in funding for enforcement of laws by the Justice Department's Antitrust Division.