Read more about Bills that could curb market power of Big Tech companies unveiled in House on Business Standard. The proposed legislation targets the structure of the companies and could break them up, a radical step for Congress to take toward a powerful industry
A group of House lawmakers has put forward a sweeping legislative package that could curb the market power of and force Facebook, Google, Amazon or to sever their dominant platforms from their other lines of business. The bipartisan proposals put forward on Friday are the culmination of a 15-month investigation by the House Judiciary Committee’s antitrust subcommittee, led by Democratic Rep. David Cicilline of Rhode Island. It concluded that the four tech giants have abused their market power by charging excessive fees, imposing tough contract terms and extracting valuable data from individuals and businesses that rely on them. „Right now, unregulated tech monopolies have too much power over our economy,“ Cicilline said in a statement. „They are in a unique position to pick winners and losers, destroy small businesses, raise prices on consumers and put folks out of work. Our agenda will level the playing field and ensure the wealthiest, most powerful tech monopolies play by the same rules as the rest of us.
