Lawmakers Take Aim at Big Tech, With Overhaul of Antitrust.
On June 11, lawmakers in the House
introduced new antitrust legislation
aimed at keeping Big Tech's power in check. .
'The New York Times' called the
legislation the most ambitious
update to monopoly laws in decades.
The five new bills target Amazon, Apple, Facebook and Google.
and are specifically focused
on those companies' grip on
online commerce, information
and entertainment. .
According to 'The New York Times,' the legislation
would help prevent businesses that use their
dominance in one area to get a stronghold in another.
It would also impede the acquisitions
of rival start-ups and empower regulators
responsible for policing these companies.
Right now, unregulated tech
monopolies have too much power
over our economy. They are in a
unique position to pick winners and losers, destroy small businesses, ... , Representative David Cicilline, Democrat of Rhode Island and chairman of the antitrust subcommittee, via statement.
... 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, Representative David Cicilline, Democrat of Rhode Island and chairman of the antitrust subcommittee, via statement.
'The New York Times' reports that
Amazon, Apple, Facebook and Google
are worth approximately $6.3 trillion.
four times more than the
country’s 10 largest banks