Congress unveils bipartisan package of bills designed to rein in tech giants like Amazon, Google, Facebook, and Apple

SourceBusiness Insider
SectorEconomy
CountryGulf

House lawmakers on Friday unveiled five bills designed to rein in big tech companies and loosen their stranglehold on digital industries. The new legislation is specifically aimed at Amazon, Google, Apple, and Facebook, which have all faced increased scrutiny over antitrust concerns in recent years. The bills have some bipartisan support and would equip regulators with more power to control tech firms from holding too much market dominance, their sponsors said.

“Right now, unregulated tech monopolies have too much power over our economy,” Antitrust Subcommittee Chairman David N. Cicilline said in a “They are in a unique position to pick winners and losers, destroy small businesses, raise prices on consumers, and put folks out of work.” Insider has reached out to Amazon, Apple, Facebook, and Google for comment. The five bills are described below: This new legislation would mark an important milestone in establishing regulations for the booming, and historically unregulated, tech industry. Congress has cracked down hard on Big...read more...