AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)

WASHINGTON: US lawmakers unveiled sweeping antitrust measures Friday aimed at tempering the dominance of Big Tech firms including Apple and Facebook, in what may be the most ambitious effort in decades to break corporate monopolies.

A bipartisan group of House members introduced five separate bills that propose changes so comprehensive they could reshape the largest US technology and entertainment companies and force an overhaul of their business practices.

In a bid to ward off corporate consolidation, the measures would make it harder for mega-companies like Amazon and Google to buy out smaller competitors, and facilitate the breakup of firms that use their dominant position in their core business to make deep inroads into another.

"Right now, unregulated tech monopolies have too much power over our economy," the House Judiciary's Antitrust Subcommittee chairman David Cicilline, a Democrat, said in introducing the measures.

"They are in a unique position to pick winners and losers, destroy small businesses, raise prices on consumers, and put folks out of work."

The goal, he said, is to "level the playing field" and ensure that powerful tech companies follow the same rules as other businesses.

The bills follow a 16-month investigation by the Antitrust Subcommittee into the state of competition in the digital marketplace, and particularly the unregulated power wielded by Amazon, Apple, Facebook, and Google.

Silicon Valley giants have come under increasing fire in Europe and the United States due to concerns about monopoly-like power.

And US President Joe Biden and other G7 countries are keen to set a global tax rate of at least 15 percent on multinational firms, in a bid to optimize tax revenue from tech behemoths.

The antitrust bills need to be debated and voted favourably out of the Judiciary Committee before receiving a vote by the full House of Representatives. They would also need approval from the Senate before they could be signed into law by Biden.

One of the bills increases the fees for mergers so that regulators have more funds to police corporations and enforce antitrust laws.

"Big Tech has abused its dominance in the marketplace to crush competitors, censor speech, and control how we see and understand the world," said House Republican Ken Buck, who took direct aim at some of the largest players.

"Apple, Amazon, Facebook, and Google have prioritized power over innovation and harmed American businesses and consumers in the process."

Comments

Comments are closed.