WASHINGTON: A bipartisan group of US lawmakers has introduced five bills aimed at limiting the power held by Big Tech companies like Amazon, Apple, Facebook and Google.
The move comes amid growing criticism that tech firms such as Google, Apple, Facebook and Amazon are undermining competition by taking advantage of their market dominance.
The bills address topics including data, mergers, and the competitive behaviour of these companies – which could ultimately lead to them being forced to sell some assets. The bills would require platforms to prove their acquisitions are lawful. They would also prohibit them from giving preference to their own products.
One lawmaker said the four firms have become too big to care, and that the bipartisan bills would rein in monopolistic practices and restore fairness and competition. Some media outlets are reporting the legislation could force the tech giants to overhaul their business models.
Rep. David N. Cicilline, a Rhode Island Democrat and chairman of the House Antitrust Subcommittee, said the slate of bills would “level the playing field” and ensure tech companies were held to the same rules.
“Right now, unregulated tech monopolies have too much power over our economy,” Cicilline said in a press release. “They are in a unique position to pick winners and losers, destroy small businesses, raise prices on consumers, and put folks out of work,” he added.
The bills will be referred to the House Judiciary Committee before being sent to the House floor. To become law, they must pass through the House of Representatives, the Senate and, finally, be signed by President Joe Biden.
The immense market power of these companies, which together represent more than $6 trillion in market value, has confounded the basic principles that guided antitrust legislation in the US for a generation.
