▪ Moderate experts have raised deep concerns with the Senate’s leading antitrust bills. Many sensible antitrust reformers cannot stomach them, either.

▪ First, radical antitrust reformers—self-proclaimed Neo-Brandeisians—claim antitrust laws are outdated. But the fact is antitrust laws are adaptable to new market realities.

▪ Second, Neo-Brandeisians claim antitrust bills should only focus on the largest platforms. But antitrust laws are based on conduct, not per se size distinctions.

▪ Third, Neo-Brandeisians claim antitrust bills are needed to address “unprecedented” industry concentration. In reality, corporate concentration has not increased.

▪ Fourth, Neo-Brandeisians claim antitrust bills prohibit anticompetitive conduct. Unfortunately, antitrust bills also prohibit pro-competitive, pro-consumer conduct.

▪ Fifth, Neo-Brandeisians claim antitrust bills will allow plenty of leeway for companies to raise legitimate justifications for their conduct. But the truth is the bills will stifle innovation by making companies risk-averse.