House Democrats are prepping 5 antitrust bills to take on Big Tech
June 10, 2021. Summarized by summa-bot.
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The U.S Capitol building in Washington, D.C., U.S., on Wednesday, June 9, 2021. A group of Democratic and Republican U.S. House members who are trying to keep alive the hope of a bipartisan infrastructure package said late Tuesday they had agreed to $761.8 billion in new spending over eight years. Photographer: Sarah Silbiger/Bloomberg via Getty Images
House Democrats are preparing five bills to weaken Big Tech's grip on the economy, in what could amount to Congress's biggest challenge yet to the dominance of Amazon, Apple, Facebook and Google.
(CNN)House Democrats are preparing five bills to weaken Big Tech's grip on the economy, in what could amount to Congress's biggest challenge yet to the dominance of Amazon (AMZN), Apple (AAPL), Facebook (FB) and Google (GOOGL).
In a landmark report last summer, House Democrats on the antitrust panel alleged that the industry's most powerful companies used their vast troves of user data to identify and neutralize startups that posed potential threats, to create anti-competitive policies for their platforms, and to promote their own products and services at the expense of fair competition.
He pointed to the economic dominance of platforms such as Facebook and said that under today's laws, the tech industry has little incentive to shift away from business models that encourage anti-competitive behavior that hurts consumers and innovation.