Klobuchar introduces crack-down on price fixing
(FILE) Sen. Amy Klobuchar, D-Minn., speaks with reporters as the Senate prepares for a key test vote on the For the People Act, a sweeping bill that would overhaul the election system and voting rights, at the Capitol in Washington, Tuesday, June 22, 2021. The bill is a top priority for Democrats seeking to ensure access to the polls and mail in ballots, but it is opposed by Republicans as a federal overreach. (AP Photo/Alex Brandon)
(ABC 6 News) – At the nation’s capitol, Senator Amy Klobuchar introduced the Preventing Algorithmic Collusion Act.
The legislation is an attempt to prevent companies from using algorithms to collude and set higher prices.
Current antitrust laws may not cover how competing companies delegate their pricing decisions when using computer-generated algorithms, despite laws against collusion.