WASHINGTON — House lawmakers on Friday introduced sweeping antitrust legislation aimed at restraining the power of Big Tech and staving off corporate consolidation across the economy, in what would be the most ambitious update to monopoly laws in decades.
The bills — five in total — take direct aim at Amazon, Apple, Facebook and Google and their grip on online commerce, information and entertainment. The proposals would make it easier to break up businesses that use their dominance in one area to get a stronghold in another, would create new hurdles for acquisitions of nascent rivals, and would empower regulators with more funds to police 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, raise prices on consumers and put folks out of work,” said Representative David Cicilline, Democrat of Rhode Island and chairman of the antitrust subcommittee. “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.”
The introduction of the bills, which have some bipartisan support, represents the most aggressive challenge yet from Capitol Hill to Silicon Valley’s tech giants, which have thrived for years without regulation or much restraint on the expansion of their business. Amazon, Apple, Facebook and Google have a combined market capitalization of $6.3 trillion, four times more than the value of the country’s 10 largest banks.