Sen. Elizabeth Warren (D-Mass.) called out two major federal agencies for failing to play a meaningful role in President Joe Biden’s antitrust agenda, blasting the Transportation and Agriculture departments for letting their powers to block mergers and anticompetitive practices “gather dust.”
The progressive Open Markets institute gave a powerful Wednesday morning speech. Warren mostly praised the Biden administration’s antitrust agenda as the start of a reversal of 40 years of corporate consolidation. The Justice Department should release more strict merger guidelines, and reverse past mergers such as the unpopular merging of LiveNation with Ticketmaster.
But she pointed to Agriculture Secretary Tom with a finger Vilsack Pete Buttigieg, Transportation Secretary, for not doing their part.
“If DOT determines a route transfer would harm competition, like JetBlue’s
possible acquisition of Spirit, there’s no need to wait for the [Justice Department],” Warren That was in reference to the possibility of merging two low-cost carriers. “Secretary Buttigieg has the power to stop anticompetitive airline mergers ― and he should use that power right now.”
Warren It was more crucial of VilsackFormer governor of Iowa, and long-time Biden supporter. She blamed Vilsack Failure to prevent a merger among Wayne Farms Farms and Sanderson Farms. Two major South poultry producers.
“Why not stop giving taxpayer money to these crooks? Well, as the secretary argued, there really aren’t any competitors, so he has no choice but to keep working with a corporate criminal,” Warren said. “Here’s an idea ― break up the big meatpackers so there’s real competition.”
Warren Michael Hsu (acting currency comptroller) was also criticized for continuing to allow “anticompetitive” bank mergers.
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