These Bills would stop tech giants from indulging in monopolistic practices
For years, companies like Google, Amazon and Facebook were unregulated, allowing them to monopolise their respective industries. But things seem to be taking a turn for the better. Ever since the house summoned the CEOs of these companies to testify back in 2020, pressure has been mounting on the government to put forward laws to prevent monopolistic practices. After months of speculation, the legislators are set to pass these rules.
The rules will ensure antitrust laws are not broken by these companies. House representative David Cicilline said, “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, 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.”
What are these laws?
1. One law would force these companies to liquidate a part of their business if there is a conflict of interest.
2. Another would stop the like of Amazon, Facebook from giving preference to their services over others as amazon does with Amazon basics.
3. The third law would prohibit companies from buying their competitors, akin to Facebook’s acquisition of Instagram.
4. A law has already been put forward by Sen. Amy Klobuchar (D-MN) to increase merger filing fees, a move thought to discourage big companies from diluting small ones.
5. The final law would mandate companies to make the data they collect from the users compatible, to make it easier for users to switch platforms if they choose to do so.
While Implementing the above rules might cause a bedlam within the founders/CEOs of these companies since they are rumoured to have sponsored President Biden’s Inauguration. The house seems determined to pass these bills to contain big tech monopolies.