A new playing board may be in store for Big Tech. Imagine the power of owning Boardwalk, B & O Railroad, Reading Railroad, and the Pennsylvania Railroad, coupled with the prestige of Boardwalk and Park Place, and the convenience of Free Parking – only to find out that both sides of the aisle believe it really is time for the little guy to get a significant leg up.
On Friday, June 11, 2021, the House put forth 5 significant legislative measures in support of antitrust advocates to reign in the business practices of Big Tech (think Apple, Facebook, Amazon, and of course, Google). The bipartisan unveiling reflected the culmination of an investigation of Big Tech business practices by the House Judiciary Committee – at issue is whether said practices are stifling competition in the marketplace.
“Right now, unregulated tech monopolies have too much power over our economy,” said Rep. David N. Cicilline, (D-RI), the chairman of the House’s antitrust committee.
Among the bills are:
The Ending Platform Monopolies Act – would make it illegal for tech companies to operate a line of business that creates a conflict of interest
The Platform Competition and Opportunity Act – would bar tech companies from acquiring rising rivals.
The Augmenting Compatibility and Competition bill – would make it easier for consumers to use rival tech services together and switch between those platforms.
Additional bills address updating filings and offering more funding to the nation’s the top antitrust enforcement agencies: the Federal Trade Commission and the Justice Department.
“[Tech giants] are in a unique position to pick winners and losers, destroy small businesses, 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,” Rep. Cicilline said.
Needless to say, it is expected that Big Tech will vigorously contest the proposed legislation, partially in the name of innovation.
“At the same time Congress is looking to boost American innovation and cybersecurity, lawmakers should not pass legislation that would cede ground to foreign competitors and open up American data to dangerous and untrustworthy actors,” sad Carl Szabo, vice president and general counsel at NetChoice.
“Although the bills are bipartisan in nature, having been signed by at least one Republican and one Democrat each, both sides of the aisle have different reasons for legislation. Democratic lawmakers are focused on combating economic concentration, while Republicans are more narrowly focused on what they call free speech issues,” wrote Mike Peterson of AppleInsider.
And online dating tech may be under scrutiny as well – the U.S. Senate held a hearing in April in pursuit of antitrust regulations which drew reps from Match and Tinder citing the Apple’s monopolistic presence.
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House unveils sweeping antitrust legislation that takes aim at tech giants
Image courtesy of Gianni Crestani