PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Statement in Response to Revised Tech Regulation Bill (S. 2992) in U.S. Senate 

By at 26 May, 2022, 1:03 pm

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – In response to Senator Amy Klobuchar’s (D-Minn.) revised “American Innovation and Choice Online Act” (S.2992), the Small Business & Entrepreneurship Council (SBE Council) issued the following statement:

“The revised S.2992 is very light on changes. Senators and stakeholders expressed serious concerns about the downstream impact and unintended consequences of the legislation, especially for consumers, small businesses, national security, and the competitiveness of the U.S. digital ecosystem. In fact, the tinkering could have made it worse, if that’s possible. Unlike the big industries that were able to get carve-outs in the new S. 2992, small businesses will unfortunately still experience harmful fallout, ” said SBE Council president & CEO Karen Kerrigan.

SBE Council chief economist Raymond J. Keating added:

“The gymnastics and contortions continue as this legislation is being reworked to try to limit the inevitable damage it will do to innovation, investment, and small businesses, while certain elected officials can still play politics. The only way to limit the damage from this legislation and similar measures that seek to expand the power of antitrust regulators at the expense of consumers and entrepreneurship, is to recognize economic realities, push this political agenda aside, and start getting serious about regulatory relief and other policies that will help heal our economy and the supply chain mess, and ones that boost the confidence and vitality of small businesses.”

CONTACT:

Karen Kerrigan, president & CEO, kkerrigan@sbecouncil.org

Raymond Keating, chief economist, rkeating@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For more than 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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