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T-Mobile, Sprint merger hearing at House Energy and Commerce Committee | CNBC

Executives from T-Mobile and Sprint faced tough questions from lawmakers on Wednesday about how the companies’ planned merger would affect prices and jobs, especially in rural America.

The deal to combine the No. 3 and No. 4 U.S. wireless carriers, struck in April, was approved by both companies’ shareholders in October and has received national security clearance, but still needs approval from the Department of Justice and the Federal Communications Commission.

Representative Mike Doyle, who chairs the House of Representatives Energy and Commerce Committee panel holding the hearing, raised worries about the deal because the U.S. wireless market has just four main carriers. The industry leaders are AT&T and Verizon.

“It’s hard to think of one (deal) where consolidation did not result in people losing their jobs, prices going up and innovation being stifled,” Doyle said.

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T-Mobile, Sprint merger hearing at House Energy and Commerce Committee.