Here's What Amazon CEO Jeff Bezos Plans to Tell Congress Today

Bezos' opening remarks at the House Judiciary Committee's antitrust hearing will defend its size and stress that there's still plenty of competition left in retail.
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Amazon  (AMZN) - Get Report CEO Jeff Bezos plans to emphasize that Amazon still faces significant competition and defend his company's size as part of his testimony before Congress on antitrust issues on Wednesday at noon ET. 

Like those of the other Big Tech CEOs testifying on Wednesday, Bezos' prepared remarks were made available on the House Judiciary Committee's website, and Amazon also published them on its company blog.   

Amazon accounts for less than 1% of the $25 trillion global retail market and less than 4% of the retail market in the U.S., Bezos will tell lawmakers, stating that "there's room in retail for many winners."

"Every day, Amazon competes against large, established players like Target, Costco, Kroger, and, of course, Walmart -- a company more than twice Amazon’s size," Bezos said. 

He also will laud the opportunity that Americans have to create large, successful companies by dint of hard work, a focus on customers and risk-taking.

"Unlike many other countries around the world, this great nation we live in supports and does not stigmatize entrepreneurial risk-taking," Bezos will say, noting that his start-up capital for Amazon came from his parents and that it took more than 50 meetings for him to raise $1 million from investors. 

Amazon only succeeds because "we have continued to take big risks," Bezos wrote.

Bezos also plans to tout the fact that Amazon has invested more than $270 billion in the U.S. over the last decade, creating 700,000 indirect jobs in sectors like construction, building services and hospitality. Amazon itself employs close to one million workers directly. 

Bezos will note that 80% of Americans have a favorable impression of Amazon, citing unnamed "leading independent polls," and argues that when customers shop on Amazon, they are helping to create jobs in their local communities."

He also plans to argue that as important as small companies are to the U.S., big companies are needed to achieve certain things at scale. 

"I love garage entrepreneurs -- I was one. But, just like the world needs small companies, it also needs large ones. There are things small companies simply can’t do. I don’t care how good an entrepreneur you are, you’re not going to build an all-fiber Boeing 787 in your garage," Bezos wrote.

As the world's richest person, Bezos is sure to receive some push back from lawmakers on both sides of the political aisle who are aware of the cameras and widespread interest in Wednesday's hearings.

Bezos will join Facebook's  (FB) - Get Report Mark Zuckerberg, Alphabet's  (GOOGL) - Get Report Sundar Pichai, and Apple's  (AAPL) - Get Report Tim Cook for the House Judiciary Antitrust Subcommittee hearing.

All four companies are also expected to report quarterly results on Thursday.

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