In the wake of this morning’s Senate Banking Committee hearing on Facebook’s plan to launch Libra, a new global cryptocurrency, the Open Markets Institute is calling for Libra’s 27 consortium partners to withdraw from the project.
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The Open Markets Institute submitted a statement for the record before the U.S. House of Representatives Committee on the Judiciary Subcommittee on Antitrust, Commercial and Administrative Law on Online Platforms and Market Power, Part 2: Innovation and Entrepreneurship on July 16, 2019.
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Open Markets Director of Enforcement Strategy Sally Hubbard speaks with Bloomberg reporters Lucas Shaw and Mark Bergen about YouTube's dominance. She says of the video platform owned by Google, “If you’re looking into Google, it would be remiss not to look at YouTube. You’ve got monopolies upon monopolies.”
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Open Markets Executive Director Barry C. Lynn Al Jazeera’s Ben Piven regarding Amazon’s Monopoly power.
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The Open Markets Institute submitted a report to Congress on July 15, 2019 on Facebook’s plans to launch Libra, a global digital currency. Open Markets’ report emphasizes Facebook’s dismal track record on data privacy makes its proposal to launch Libra a dangerous liability at home and abroad and proposes a suite of policy options for Congress to consider.
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The Open Markets Institute has submitted a report to Congress in advance of tomorrow’s Senate Banking Committee hearing on Facebook’s plans to launch Libra, a global digital currency.
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NYT's reporter Nellie Bowles looks into how the right and left have come together to break up big tech writing that "Conservatives are showing up at largely liberal conferences to call for breaking up Facebook and Google. Liberals are going on conservative TV shows to do the same." She talks to Open Markets Senior Fellow Matt Stoller about the shift. “I always knew we were aiming at different things,” Stoller said. “Now, we have some of the same goals.”
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HuffPost's Carla Herreria reports on how "Democrats in Congress are threatening to take action after the FTC reportedly voted on a $5 billion penalty for Facebook’s privacy violations." She reports on the critics of the fine, including citing Open Markets Director of Enforcement Strategy Sally Hubbard blasting the fine as "woefully insufficient," and how Facebook's stock valuation only rose with the news of the FTC settlement.
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WIRED reports on the implications of the news of the FTC's $5 billion Facebook settlement and cites Open Markets Senior Fellow Matt Stoller in their reporting. “They can issue a really big fine, which is just a parking ticket,” Stoller recently told WIRED. “We don’t think a fine matters. We need a structural solution here.”
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The Retail Industry Leaders Association, which represents Walmart, Target, Home Depot, and other national retailers, wrote a letter to the Federal Trade Commission last week demanding that the FTC examine “persistent oligopolies in other parts of the retail ecosystem.”
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The Open Markets Institute welcomes its inaugural fellows for its Louis Brandeis Law and Political Economy Fellowship. The fellowship aims to attract the best and the brightest young minds to advance the wider anti-monopoly movement through antitrust law and policy initiatives.
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This settlement is a capstone on the FTC’s record of failing to police America’s markets and privacy abuses. Congress should no longer tolerate the FTC’s failures as an enforcer, which have led to its crisis of legitimacy.
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Sally Hubbard on How Monopolies are "Destroying the American Dream" – Why Walmart Wants Antitrust Scrutiny of Amazon
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Open Markets Director of Enforcement Strategy talks to Jon Ward, host of Yahoo's Long Game Podcast on the case for regulating Facebook and Google. “The amount of data that Facebook and Google are collecting about the average person is absolutely insane, massive, widespread, ubiquitous, and I think honestly, a fraud on the American people that the people don't understand that this is happening,” said Hubbard.
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Legal Director Sandeep Vaheesan blasts the Supreme Court’s decision in Tennessee Wine and Spirits Retailers Association v. Thomas arguing that the decision nullifies the 21st Amendment’s will that states control their alcohol market, and paves the way for monopolistic retail corporations such as Amazon and Walmart to overrun the markets for beer, wine, and spirits.
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