New York state may consider a bill that would tighten antitrust rules so that the state can better prosecute Big Tech. The Twenty-First Century Anti-Trust Act would broaden the scope of what’s considered antitrust behavior, increase penalties and allow class action antitrust lawsuits.
The legislation, introduced by Senators Michael Gianaris and Rachel May, is meant to update existing antitrust laws, which can only go after two players who collaborate in anticompetitive behavior. These laws were written over 100 years ago. Today, Big Tech companies don’t need to collude with others to box out their rivals, so the bill proposes allowing prosecutors to go after individual companies acting on their own. Essentially, it removes a major loophole.