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