Amazon CEO tells lawmakers not to be upset over antitrust rules
- Andy Jassy said on Tuesday that lawmakers should not get “emotional” when pursuing antitrust claims.
- Jassy took charge of Amazon three months ago.
- Amazon faces several antitrust lawsuits.
Amazon CEO Andy Jassy on Tuesday advised lawmakers not to get too “emotional” while pursuing antitrust cases against his company.
Jassy, who became CEO of Amazon in July, was interviewed at the GeekWire summit about the antitrust lawsuit filed in May by Washington, DC Attorney General Karl A. Racine. This complaint alleges that Amazon locks third-party merchants into deals where they can’t offer cheaper products elsewhere online.
“It’s really important that Congress or lawmakers really think about what they’re trying to accomplish and not the emotion,” Jassy said. The retail industry is very competitive, he added, referring to his previous comment that Amazon only has 1% of this global market and physical stores make up 85% of the industry.
“It’s quite difficult to make retail more competitive,” he said. “If you are making legislation, you want to make sure that it applies to the whole industry and not to just one company. “
Jassy rejected the idea that Amazon’s online marketplace is so dominant that sellers have to use it. He has also repeatedly stated that lawmakers could create “unintended negative consequences” with antitrust regulation.
DC’s antitrust lawsuit is one of many antitrust allegations and risks facing the $ 1.6 trillion company. In 2017, Lina Khan, now chairman of the Federal Trade Commission, wrote a famous article claiming that existing antitrust regulations did not adequately respond to the kind of power Amazon now wields over consumers and the internet.
Congress asked Amazon about antitrust issues. The company was also recently involved in a class action lawsuit accusing it of colluding with major book publishers to drive up e-book prices.
Jassy argued that regulating with Amazon in mind could hurt online commerce. “You want to make sure that you don’t create significant negative unintended consequences, and if you look at some of the early legislative proposals, they just weren’t fully thought through,” he said.