Wednesday on Capitol Hill felt a little like an episode of “Super Friends.” The House Judiciary Subcommittee on Antitrust held a hearing on the market power of tech companies and featured an all-star panel of witnesses. Testifying before the subcommittee were Amazon CEO Jeff Bezos, Apple CEO Tim Cook, Facebook CEO and co-founder Mark Zuckerberg, and Google CEO Sundar Pichai.
WASHINGTON, D.C. -- In response to the Federal Communications Commision (FCC) petitioning the 3rd Circuit Court for re-hearing on its media ownership rules, Daniel Savickas, FreedomWorks Foundation Regulatory Policy Manager, commented:
Antitrust law is something the government takes pretty seriously. In short, these are laws designed to protect consumers from companies that would abuse their market power to the detriment of the customer.
Since its inception, the popular ride sharing service Uber has been struggling against the burdensome set of regulations governing taxi services. In essence, government enforces a taxi monopoly by making it ridiculously expensive for anyone to break into the industry. This limits the supply of taxis while keeping prices nice and high for incumbents. Everyone was happy except the people who had to put up with poor service, long wait times, and high prices.