Sending Office: Honorable Keith Ellison
Sent By:
Zach.Freed@mail.house.gov

The Congressional Antitrust Caucus Invites You to a Briefing on

“Economic Concentration and Inequality: Competition and Corporate Power in Racial, Gender, and Workplace Justice”

Dear Colleague:

The Congressional Antitrust Caucus is pleased to invite you to attend a briefing on the impact of concentrated economic power on racial and gender inequality on Friday, February 16, 2018 from 12:00 p.m. to 1:30 p.m. in room 2237 of the Rayburn House Office
Building. The briefing is open to the public.

WHAT:                 Economic Concentration and Inequality: Competition and Corporate Power in Racial, Gender, and Workplace Justice

WHERE:              2237 Rayburn House Office Building

WHEN:                 12:00 p.m. to 1:30 p.m.

MODERATOR:   Diane Bartz, Antitrust Columnist, Thomson Reuters

PANELISTS:        Sally Hubbard, a senior editor for Capitol Forum and former Assistant Attorney General in the New York State Attorney General’s Antitrust Bureau, author of
How Monopolies Make Gender Inequality and host of the Women Killing It!
podcast.

                               Marcellus Andrews, Professor of Economics, Bucknell University, Author of
The Vision of a Real Free Market Society: Re-Imagining American Freedom.

                               Seema Nanda, Executive Vice President and Chief Operating Officer at The Leadership Conference and former Chief of Staff to Secretary Tom Perez at the U.S. Department of Labor.

                               

Nell Abernathy, Vice President, Research and Policy for the Roosevelt
Institute, Co-editor of Untamed: How to Check Corporate, Financial, and Monopoly Power.

 

 

Waves of mergers in industry after industry and lax anti-monopoly enforcement have led to the excessive concentration of economic and, ultimately, political power in fewer and fewer hands. Monopolistic control in virtually every sector of the economy has
reached historic levels. According to The Wall Street Journal, 2015 was “the biggest year ever for mergers and acquisitions.” Rampant merger activity has continued since then, with $329 billion in record-breaking transactions occurring in October 2016
alone.

As Nobel laureate economist Joseph Stiglitz explains, economic concentration has led to “a widespread sense of powerlessness, both in our economic and political life.” Other leading economists have observed that hardworking Americans do not receive the benefit
of persistently high corporate profits. The Economist described this problem in 2016 as “the fruits of economic growth are being hoarded” by monopolists throughout the economy that are “more adept at siphoning wealth off than creating it afresh.”

Amidst this growing concentration of economic and political power, there is mounting evidence demonstrating that economic concentration worsens the effects of workplace inequality. While a lack of competition among employers depresses wages for all workers,
it most severely affects underrepresented groups, such as women and people of color, who have less bargaining power, and are more vulnerable to wage discrimination. Lax antitrust enforcement has contributed to a steep decline in minority small-business ownership.
While this decline has many causes, Professor Marcellus Andrews of Bucknell University argues that increasing consolidation as a “catastrophic intellectual and political policy mistake,” and that the “presumed price advantages of concentration often do not
translate into better economic opportunities” for communities of color.

For more information or to participate, please contact Slade Bond (5-6906) with House Judiciary Democrats at
Slade.Bond@mail.house.gov

Sincerely,

 

Rick Nolan

Co-Chair

Congressional Antitrust Caucus

 

Mark Pocan

Co-Chair

Congressional Antitrust Caucus

 

Ro Khanna

Co-Chair

Congressional Antitrust Caucus

 

David N. Cicilline

Co-Chair

Congressional Antitrust Caucus

 

Keith Ellison

Co-Chair

Congressional Antitrust Caucus

 

Pramila Jayapal

Founding Member

Congressional Antitrust Caucus

 

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