Washington — On Friday, Congressman introduced a radical antitrust law aimed at curbing the power of Big Tech and preventing business integration across the economy. This will be the most ambitious update of antitrust law in decades.
The bills (five in total) are aimed directly at Amazon, Apple, Facebook, Google and their grip on online commerce, information and entertainment. The proposal facilitates the splitting of businesses that take advantage of one area to establish a base in another, creates new hurdles for acquiring early rivals, and gives regulators more to police companies. We will provide a lot of money.
“Currently, unregulated technology monopolies have too much power on our economy. Congressman David Siciline, Democrat of Road Island and chair of the Antimonopoly Act Subcommittee, said. “Our agenda levels the playing field and ensures that the wealthiest and most powerful technology monopolies play on the same rules as our other people.”
The introduction of a bill with some bipartisan support represents the most aggressive challenge to date from Capitol Hill to Silicon Valley tech giants. Amazon, Apple, Facebook and Google have a market capitalization of $ 6.3 trillion, four times the size of the 10 largest domestic banks.
Over the last decade, dozens of bills on data privacy, voice responsibility, and children’s online safety have failed. However, efforts to curb control of the largest tech companies have gained widespread support in recent years. During the Trump administration, the Justice Department and the Federal Trade Commission have filed proceedings accusing Google and Facebook of anti-competitive practices and are expected to fight for years. Democrats and Republicans have pointed out the dominance of a few companies as the root cause of disinformation spread, labor and wage inequality, and unplanned rules of speech on the Internet.
Technology giants face similar challenges to power around the world, curbing multiple antitrust investigations by Facebook, Amazon, and Google in Europe and curbing the power of American giants in Australia and India. Facing a new law for
“These are just some of the new legislation needed to actually address the issue of gatekeeper power with the dominant digital platform,” said Charlotte Slaiman, competition director of the public interest group Public Knowledge. .. “Big tech companies have so many powerful tools to protect their monopoly. These bills are how many to open the digital platform market for competition to antitrust enforcers. It will provide a more powerful tool. “
This is a developing story. Check for updates.
Congressman promotes drastic review of antitrust law aiming at Big Tech
Source link Congressman promotes drastic review of antitrust law aiming at Big Tech