Hearing of the Antitrust, Competition Policy and Consumer Rights Subcommittee of the Senate Judiciary Committee - the Google and Yahoo Agreement and the Future of Internet Advertising
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SEN. CHARLES E. SCHUMER (D-NY): Well, thank you, Mr. Chairman. And first let me join my colleagues in just thanking you for being such a diligent and conscientious chair of this subcommittee on which I'm proud to serve and making sure that there is an antitrust law here and it's vibrant and active and important.
And I also want to thank all the witnesses for coming today to talk with the subcommittee. I care a lot about this issue. You know, the Internet is developing. Every day it changes. It's exciting to be sort of at the beginning of laying a whole new way that people communicate. And it changes all the time.
And our job here, because changes now may affect things 20, 30, 50 years into the future, is to make sure it stays as competitive and as consumer-friendly as possible.
And second, of course, I have a parochial interest. Internet advertising is a large industry in New York and a growing industry in New York. And we in New York base some of our future on that industry. We can't just rely on one industry. And so for all those reasons, I'm interested. And that's why I follow developments in this industry closely over the last few years. I want to commend the companies testifying for maintaining a robust public debate on some of the most important issues in this critical sector. Yahoo and Google have consistently moved the debate forward and have been fierce competitors and for the most part consumers have benefited as a result.
And let me say this: Regardless of whatever happens with this deal, I'm confident that Yahoo and Google will wake up the next morning and prepare for the next battle. I am not concerned that this deal will spell the end of either company.
But what I am concerned about is whether this deal is good for everyday Internet users. That's really what the Internet's all about: connecting each citizen, on his or her own, to information and commerce more efficiently than was every possible before.
And I feel confident, Mr. Chairman, that this arrangement could well result in Internet advertising that is more tailored to Internet users' wants and needs. And I also appreciate the reassurances from Google and Yahoo about what they'll do to protect consumer privacy. And of course we'll be watching -- I know under Chairman Leahy's watchful eye -- to make sure that those pledges are followed through.
I'm also sensitive to two of the antitrust concerns that have been raised. I hope this arrangement will not lead to a price floor or any unlawful price fixing for search advertising, as some have alleged, and I hope that this deal will not stifle Yahoo's development in the field.
So I look forward to the testimony. I thank you for having the hearing, Mr. Chairman. And I know we'll continue to follow this very important and really seminal issue.
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