![]() Innovation is part of the American spirit. Klobuchar: I call to order this hearing of the Subcommittee on Competition, Antitrust, and Consumer Rights, entitled “The Impact of Consolidation and Monopoly Power on American Innovation.” Good afternoon, I want to welcome our witnesses, and I thank Senator Lee and his staff, as well as my staff, for planning this hearing. The full transcript of Klobuchar’s opening as given below and video available for TV download HERE and online viewing HERE. Our laws are not equipped to address this kind of conduct.” Before Facebook bought Instagram, Mark Zuckerberg wrote in an email that if Instagram were to ‘grow to a large scale, they would be very disruptive to us.’ We will never know if an independent Instagram would have found solutions to the massive privacy and content and children’s problems we are seeing today - why? Because Facebook bought it. She continued: “Once upon a time, disruption was a good thing in tech…Now, disruption is what they seem to fear. “The innovation that is vital to our American economy cannot thrive without open, competitive markets, because it’s competition that pressures manufacturers to invest in research and development - to constantly innovate, to improve their products and introduce new products to compete,” Klobuchar said. Senator Amy Klobuchar (D-MN), Chairwoman of the Subcommittee, highlighted the urgent need to update our antitrust laws to spur innovation, protect consumers, and stop dominant digital platforms from treating small businesses and entrepreneurs unfairly. WASHINGTON – At today’s Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights hearing titled “The Impact of Consolidation and Monopoly Power on American Innovation,” U.S. ![]() KLOBUCHAR: “The innovation that is vital to our American economy cannot thrive without open, competitive markets” ![]()
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