Tech Giants May Soon See Businesses Overhauled Amid US Antitrust Reform Push

Earlier, lawmakers within the US House of Representatives released an in-depth report on the practices of the world’s largest technology companies and determined that various big tech companies are abusing their monopoly power. The 400-plus page report was the result of a monthslong investigation into companies Amazon, Facebook, Google and Apple.

A bipartisan group of US lawmakers introduced several antitrust reforms on Friday that may soon force big tech companies to undertake a massive overhaul of their business practices and effectively break down their monopolies within the industry.

The reform push by congressional lawmakers in the US House includes a total of five bills that take a direct aim at Amazon, Apple, Facebook and Google, and would mark the most ambitious and comprehensive effort to reform the nation’s antitrust laws.

Additionally, companies would be prohibited from manipulating online marketplaces they control in order to promote their own products, underscoring a clear nod to e-commerce giant Amazon and tech firm Apple.

In this Oct. 17, 2019, file photo Facebook CEO Mark Zuckerberg speaks at Georgetown University in Washington.

The reforms, if cleared through both congressional chambers, would also make it easier for users to quit social media platforms and maintain one’s personal data.

“Right now, unregulated tech monopolies have too much power over our economy,” Rep. David Cicilline (D-RI), who also serves as the chairman of the antitrust subcommittee, said in a statement.

Cicilline proposed the American Choice and Innovation Online Act, which was co-sponsored by US Rep. Lance Gooden (R-TX). Their measure would make it unlawful for a top company to own or operate a business that would present a conflict of interest, such as incentivizing a business to favor one product over another.

The four other measures include the Ending Platform Monopolies Act, Platform Competition and Opportunity Act, Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act and the Merger Filing Fee Modernization Act.

Although the bills have already prompted severe pushback from tech-funded groups, a White House official informed Axios that the Biden administration would be working with lawmakers to assist in the legislative process.

Sourse: sputniknews.com