CALIFORNIA MOVES TO MODERNIZE ANTITRUST LAW AS COSTS RISE AND MARKET COMPETITION DECLINES

SACRAMENTO, Calif., July 1 -- The California State Assembly Democratic Caucus issued the following news release:

(SACRAMENTO, CA) - Assembly Bill 1776 (AB 1776), the Competition and Opportunity in Markets for a Prosperous, Equitable and Transparent Economy (COMPETE) Act, passed the California State Senate Judiciary Committee late Tuesday evening with a 9-2 vote. AB 1776 seeks to close a key loophole in California's antitrust laws that prevents enforcement actions against single companies engaged in illegal anticompetitive conduct. Over the past few decades, consolidation across a majority of US industries has allowed large corporations to gain greater influence over prices and workplace conditions, contributing to higher costs for Californ...