Jan 18 2022
WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) issued the following statement after the Department of Justice and Federal Trade Commission announced that they would be reviewing and updating guidelines on mergers:
“I welcome the decision by the Justice Department and the Federal Trade Commission to review and update their guidelines on both horizontal and vertical mergers. As a former technology entrepreneur, I know the incredible possibilities that can be achieved when companies bring together their resources and expertise in a merger. However, over the past few years, with the increasing concentration of power in the hands of a small group of companies, acquisition has become the only exit strategy for most startups, as the built-in advantages are too great to overcome. I look forward to working with the DOJ and FTC to ensure that these new merger guidelines strike the right balance between fostering innovation and preventing harmful consolidation.”
Sen. Warner, a former tech entrepreneur, is a cosponsor of the Competition and Antitrust Law Enforcement Reform Act, sweeping legislation to reinvigorate America’s antitrust laws and restore competition to American markets.