At any point of the digital transition,…
According to international media outlets, US Representative David Cicilline’s office released a statement on Thursday announcing that the House of Representatives Judiciary Committee had officially accepted a 400-page antitrust draft. Big technology giants are accused of purchasing or squeezing smaller businesses, according to the study.
The House of Representatives Judicial Antitrust Subcommittee released this report in October 2020 after months of investigation into business forces in the technology sector. Big technology giants were referred to as “monopolies” in the paper, which called for drastic changes.
The report was approved with 24 votes in favour and 17 votes against on Thursday, local time, after a marathon hearing. It is the House Judiciary Committee’s final study and regulations to rein down Google, Apple, and Amazon. And the roadmap for tech behemoths like Facebook’s market dominance.
This is the first time the US Congress has looked at the technology sector. The study proposes significant reforms to antitrust legislation and details hundreds of cases in which these corporations are said to have violated their control. The aforementioned firms, on the other hand, have refuted any misconduct.
“Amazon, Apple, Google, and Facebook all have monopolies in crucial sectors of our economy,” Cicillin said in a tweet. This hegemony must come to an end. I eagerly anticipate enacting legislation to resolve these troubling issues.”
The committee is actively debating rules and legislation that will restrict the dominance of major technology firms, with the first draft already presented. In March, a coalition headed by Cicillin and Senator Amy Klobuchar proposed legislation to make it possible for news media to bargain together with websites like Google and Facebook.
In February, Klobuchar introduced a larger measure in the Senate to improve antitrust enforcement agencies’ abilities to deter mergers by lowering the requirement for stopping deals and supplying them with more legal settlement funds.
Republicans have long chastised major media firms for supposedly censoring conservative speech, citing Facebook and Twitter’s freezing or denial of links to former President Donald Trump (Donald Trump) as examples.
Despite their frustration, the majority of Republicans did not accept the report’s recommendation to change the antitrust legislation. Instead, they spoke about stripping social media sites of the legal rights they have under the Decent Communications Act’s Section 230. This legislation exempts businesses from responsibility for user-generated content on their websites.
The report’s legislative proposals range from the radical, such as prohibiting companies like Amazon from operating market platforms that compete, to the less controversial, such as increasing antitrust law enforcement agencies (the Department of Justice’s antitrust division and the Federal Trade Committee (FTC)
The study also encouraged Congress to give antitrust regulators more authority to prohibit corporations from purchasing future rivals, which is currently challenging.