Senator Amy Klobuchar has introduced a bill aimed at banning algorithmic price fixing, which she claims can artificially raise prices and stifle competition in various markets. The legislation targets algorithms designed to manipulate prices, limiting consumer choice and driving up costs.
Klobuchar’s bill focuses on the sale of location data, which she believes can be used to manipulate pricing strategies in industries such as healthcare and finance. The proposal also revises existing antitrust laws to provide clearer guidelines for companies engaging in anti-competitive practices.
The senator’s move comes amid growing concerns over algorithmic price fixing, with critics arguing that it can lead to higher prices and reduced competition. Klobuchar’s bill seeks to protect consumers by promoting fair market practices and holding companies accountable for their actions.
Source: https://broadbandbreakfast.com/klobuchar-leads-effort-to-ban-algorithmic-price-fixing