US House judiciary committee approves six bills to curb Big Tech
The US House Judiciary Committee has approved a legislative package aimed to curb the dominance of Google, Apple, Amazon, and Facebook. Consisting of six bills, the measures are the result of 16-month long investigation into the business practices of big tech and aimed at improving competition in the tech sector.
The new bipartisan legislation would prohibit the largest online platforms from engaging in mergers that would eliminate competitors, preventing dominant online platforms from using their market power to pick winners and losers, favor their own products, or otherwise distort the marketplace through abusive conduct online. It would also give the Federal Trade Commission (FTC) new authority and enforcement tools and authorize the FTC and the Department of Justice to take action to prevent dominant online platforms from leveraging their monopoly power. This would include the power to break up tech firms by forcing them to sell off parts of their business that could create a conflict of interest.
According to AP, ‘The four companies deny abusing their dominant market position and assert that improper intervention in the market through legislation would hurt small businesses and consumers.’
These legislative measures need to be passed by the US House and Senate.