The study found that the four technology giants abused their market power. They charged excessive fees, imposing strict contractual terms and extracting key data from individuals and companies that use their services. The bills will be referred to the Judicial Commission before being sent for a vote. For laws to take effect, the rules must first go through the House of Representatives, the Senate, and finally be signed by President Joe Biden.
US lawmakers have introduced five bills aimed at limiting the power and strength of large technology companies. The laws were drafted after a 16-month investigation into the actions of Amazon, Apple, Google and Facebook. The new rules address issues related to data ownership and processing, mergers and acquisitions, and anti-competitive behavior of companies. All this can eventually lead to them being forced to even sell part of their assets. The laws
David Sicillin, co-author of the bills and chairman of the Antitrust Committee of the Democratic Party, posted a breakdown of the bills on Twitter. According to him, the set of new texts “will strengthen the laws to hold technology monopolies accountable and build a #StrongOnlineEconomy ”. An impressive emphasis from the appearance of the five texts is that they were supported by both Democrats and Republicans. The projects are:
American Law on Choice and Innovation Online – this bill does not allow companies to manipulate markets to promote their own products; Competition and Platform Opportunities Act 2021 – this bill prevents companies from buying and killing their competitors; Law on the end of platform monopolies – this bill prohibits large technology companies that are monopolists in certain markets from selling products in markets they control;
Act to Increase Compatibility and Competition by Activating Switching Services (ACCESS) of 2021 – this bill facilitates leaving a social media platform and transferring personal data to a competing platform; 2021 Merger Registration Fees Modernization Act – This bill allows the Ministry of Justice and the Federal Trade Commission to have the resources they need to “protect themselves from monopoly power, at no cost to taxpayers”. The measures would make it harder for mega-companies to buy smaller competitors through mergers. Also, one of the objectives is to facilitate the separation of companies that use their dominant position in their core business to gain a competitive advantage in another area.
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