14 Jun Bills Targeting Big Tech Introduced By US Lawmakers
After a 16 month-long investigation into companies like Amazon, Facebook, Google and Apple, US lawmakers have introduced five new bills that will limit and control the power of these tech giants.
According to the source, the bill will address topics like competition, mergers, data and could lead these companies to give up some of their assets.
However, this bill is not supported by some lawmakers. According to Neil Bradley, a member of the US Chamber of Commerce said in a statement, “Bills that target specific companies, instead of focusing on business practices, are simply bad policy and could be ruled unconstitutional.”
The bill will be sent to the House Judiciary Committee and then to the house. The bill will become law if it is passed by the house of representatives, approved by the senate and signed by US President Joe Biden.
David Cicilline, who is the co-sponsor of the bills and Democratic chair of the Antitrust pane, tweeted that these bills will build a stronger online economy and shape the laws that would control these monopolies.
The five bills that have received support from Democrats and Republicans are-
The American Choice and Innovation Online Act- This bill will prevent companies from gaining control over the market and will, supposedly, stop the tech giants from manipulating the marketplace.
The Platform Competition and Opportunity Act of 2021- This bill will impose strict rules on mergers and prevent companies from buying their competitors.
The Ending Platform Monopolies Act- This bill will prevent companies from selling their products in the marketplace controlled by them.
The Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act of 2021- This bill will ease social media platforms.
The Merger Filing Fee Modernization Act of 2021- This bill will provide resources to the Department of Justice and the Federal Trade Commission to control monopoly power.
The 16-month investigation was conducted by the Antitrust Subcommittee. The report accused these companies of violating competitive laws, charging high fees and affecting small businesses.