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US House of Representatives Committee approved blueprint for the crackdown on Big Tech According to Reuters

© Reuters. FILE PHOTO: Logo of Amazon, Apple, Facebook and Google

By Diane Bartz

WASHINGTON (Reuters) – The U.S. House of Representatives Committee formally passed a report accusing Big Tech firms of buying or crushing smaller firms, Representative’s office David Cicilline said in a statement. on Thursday.

With approval in a partisan hearing, more than 400 pages long, the 400-page employee report becomes the commission’s official report and the law blueprint to curb the market power of Alphabet (NASDAQ 🙂 Inc’s Google, Apple Inc (NASDAQ :), Amazon.com (NASDAQ 🙂 and Facebook (NASDAQ :).

The report was adopted by a party line split 24-17 vote. The companies have denied any wrongdoing.

The report first released in October – the first congressional review of the tech industry – proposed sweeping changes to antitrust laws and described dozens of cases where the companies have abused their power.

“Amazon, Apple, Google and Facebook all hold monopoly power over important areas of our economy. This monopoly moment must be over,” Cicilline said in a statement. “Now that the Judicial Commission has officially approved our findings, I look forward to drafting legislation addressing the significant concerns we have raised.”

The first bill has been introduced. A bipartisan group of US lawmakers led by Cicilline and Sen. Amy Klobuchar enacted legislation in March aimed at making it easy for news organizations to negotiate with platforms like Google and Facebook. than.

Also in the Senate, Klobuchar introduced a broader bill in February to strengthen antitrust enforcement agencies’ ability to prevent mergers by lowering transaction bans and increasing resources for enforcement agency.

Cicilline’s report, which is bipartisan in origin, contains a list of potential changes in antitrust law.

Suggestions range from aggression levels, such as the ability to ban companies like Amazon.com from operating markets in which they also compete, to less controversial, like raising budgets. Antitrust law enforcement agencies – Antitrust division of the Justice Department and the Federal Trade Commission.

The report also urged Congress to allow antitrust enforcement agencies more time to stop companies from buying potential competitors, something that is currently very difficult.

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