FEDERALhearing transcript

Hearing on Corporate Concentration and Economic Prosperity

Original title: A SECOND GILDED AGE: HOW CONCENTRATED CORPORATE POWER UNDERMINES SHARED PROSPERITY

January 1, 2022

corporate concentration economic inequality market competition labor markets antitrust policy

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The Frame

What this does

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 is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

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.

What changed

Last recorded activity January 1, 2022.

What's next

Next step not available in the current record.

Summary

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.

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.
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.

Why It Matters

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to examine how the concentration of corporate power in various industries impacts economic inequality, consumer prices, and labor market competition.

Who testified at the hearing?

The witnesses included Dr. Thomas Philippon (NYU), Dr. Kate Bahn (Washington Center for Equitable Growth), Ms. Stacy Mitchell (Institute for Local Self-Reliance), and Mr. Chris Edwards (Cato Institute).

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

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.

Donald S. Beyer Jr.Joe Biden

Connected Entities

personKate Bahn“Witness, Washington Center for Equitable Growth”Map →

organizationJoint Economic Committee“Congressional committee hosting the hearing”Map →

personChris Edwards“Witness, Cato Institute”Map →

personMike Lee“Ranking Member of the Joint Economic Committee”Map →

personStacy Mitchell“Witness, Institute for Local Self-Reliance”Map →

personDonald S. Beyer Jr.“Chairman of the Joint Economic Committee”Map →

personThomas Philippon“Witness, Professor of Finance at NYU”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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