Bills targeting Big Tech to go before U.S. Senate panel -Breaking
[ad_1]
© Reuters. FILEPHOTO: This illustration was taken November 2, 2021 and shows a 3D-printed Facebook logo Meta. REUTERS/Dado Ruvic/Illustration2/2
WASHINGTON, (Reuters) – The U.S. Senate Judiciary Committee will decide on Thursday whether it should approve two bills that aim to rein in tech giants such as Alphabet’s Google (NASDAQ) and Meta’s Facebook.
A modified version of a bill that was proposed by Senators Amy Klobuchar and Chuck Grassley is expected to be considered by lawmakers. It would prevent tech platforms like Amazon (NASDAQ) from giving preference for their own business on their sites.
According to people familiar with the matter, the amended bill would include companies like TikTok in the list of those covered under the bill.
According to one source, China’s Tencent would be included in the bill as well. They own messaging app WeChat.
Sources familiar with the situation said that it wasn’t clear if Klobuchar Grassley had received enough votes to allow the measure to go to the Senate floor. Because they are not permitted to talk about it on record, the sources requested not to be identified.
U.S. Senators Richard Blumenthal and Marsha Blackburn have introduced a second bill. A second bill is on the agenda, which was introduced by Senator Richard Blumenthal (USA) and Marsha Schwarzburn (UK). Open App Markets Act would prohibit big app retailers like Apple (NASDAQ): from making payment systems mandatory for app providers and prevent them from penalizing app developers who offer prices that are different through other apps or payment methods.
The bill was added to the schedule on Thursday for the first-time, so it will likely be delayed at least one week.
These and other measures aimed at Big Tech have sparked fierce opposition from business leaders. Neil Bradley, the Chief Policy Officer of U.S. Chamber of Commerce, opposed Klobuchar’s and Grassley’s bill. “The very companies being targeted are those that have the scale and innovation necessary to help us overcome the pandemic,” Bradley said.
Consumer Reports said that they would support Klobuchar/Grassley’s bill to “reset a power asymmetry” between Big Tech and consumers.
The U.S. House of Representatives has introduced a version of both bills.
Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.
[ad_2]
