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Read. Follow. Verify.Hearing on Corporate Concentration and Economic Prosperity
Record date · January 1, 2022
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What This Bill Does
This document is a transcript from a 2021 Joint Economic Committee hearing examining how the consolidation of corporate power across various industries affects the U.S. economy. Experts and lawmakers discussed the relationship between market competition, consumer prices, wage growth, and economic inequality.
The hearing provides the legislative record and expert testimony regarding the economic impact of corporate market dominance, which informs federal policy decisions on enforcement and market regulation.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Consumers
Market concentration levels influence the prices and quality of goods and services available to consumers.
Workers
Competition among firms for labor impacts wage levels and working conditions.
Small Businesses
Market concentration affects the ability of new entrants to compete and innovate within various industries.
Key Facts
- The hearing was held on July 14, 2021, by the Joint Economic Committee of the U.S. Congress.
- The hearing focused on the economic impact of concentrated corporate power across industries including health care, financial services, telecommunications, and agriculture.
- Chairman Beyer noted that President Biden signed an Executive Order regarding corporate concentration one week prior to the hearing.
- The panel included experts from the Washington Center for Equitable Growth, the Institute for Local Self-Reliance, the Cato Institute, and NYU Stern School of Business.
Show all 6 facts
- The committee received prepared statements from all four witnesses and responses to follow-up questions from Senator Kelly.
- The hearing record includes formal opening statements from Chairman Beyer, Senator Lee, and Senator Klobuchar.
Frequently Asked Questions
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News Coverage
Follow the record
Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Executive Action Context
The hearing was explicitly framed by the Chairman as a follow-up to an Executive Order signed by President Biden regarding corporate concentration one week prior.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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