A House committee approved far-reaching legislation to curb the market supremacy of tech giants, including Alphabet Inc’s Google and Facebook Inc., but much of the effort faced intensive lobbying by affected firms that slowed the committee’s work and foreshadowed a pitched battle in the Senate.In a package of six bills, the most noteworthy measure to pass by late Wednesday requires that the biggest internet platforms make it easier for users to transfer their data to other platforms and even communicate with users on other platforms. The bill-known as the Augmentign Compatibility and Competition by enabling Service Switching, or Access, Act would give the Federal Trade Commission sizable new powers to set personalized standards for the tech giants.The bills must still pass the full House, where the timetable for bringing them to the floor for final votes remains undefined.However, the debate regarding the House Judiciary Committee’s package of legislation lasted much of the day and continued into the night, as Republicans-and some Democrats-raised concerns and floated adaptations.
Google, Facebook Pressure Falls Short as Major Antitrust Measures Advance in House Committee
Published by
November 28, 2024
(GMT+2)
WHAT TO READ NEXT
No items found.
STOCK ANALYSIS
MARKET OVERVIEW
SIMILAR NEWS
Ready to get started?
Start trading with the full package, from state of the art platform to free tool and favorable transaction fees.
All investments involve risks, including the possible loss of capital.
www.mexem.com is a website owned and operated by MEXEM Ltd. MEXEM Ltd is a European broker regulated by CySEC, license No. 325/17.
Read our Forms & Disclosures.
Any advertisement or communication concerning the distribution of derivatives falling within the scope of the Regulation of the FSMA of 26 May 2016 governing the distribution of certain derivative financial instruments to retail clients is not addressed to the Belgian public.