The Biden administration on Wednesday intensified its crackdown on corporate mergers and acquisitions by releasing a raft of rules aimed to protect Americans from monopoly power in what is"like a war on business", former Treasury Secretary Larry Summers said.
"These guidelines — by moving away from an emphasis on lower prices for consumers to broader abstractions — are a substantial risk," the former Harvard professor "I wish that this stepping back and offering merger guidelines had been taken as an opportunity to rationalize the policy and step back, rather than to double down on what sometimes seems like a war on business," Summers said, adding that he's disappointed with the new rules.
"Competitive markets and economic opportunity go hand in hand. Today, we are issuing draft guidelines that are faithful to the law, which prevents mergers that threaten competition or tend to create monopolies," assistant Attorney General Jonathan Kanter of the Antitrust Division said.
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