Bloomberg: House Panel Urges Tech Giant Breakup in Plan Republicans Shunned

October 6, 2020 Media

A House panel proposed far-reaching antitrust reforms to curb the power of U.S. technology giants including Inc. and Alphabet Inc.’s Google, culminating a 16-month investigation with a damning 449-page report that Republicans largely shunned.

The recommendations from the House antitrust subcommittee represent the most dramatic proposal to overhaul competition law in decades, and could lead to the breakup of tech companies if approved by Congress.

The findings target four of the biggest U.S. tech companies — Amazon, Google, Facebook Inc., and Apple Inc. — describing them as gatekeepers of the digital economy that can use their control over markets to pick winners and losers. The companies have abused their power to snuff out competitive threats, leading to less innovation, fewer choices for consumers and a hobbled democracy, the report said.

The American Economic Liberties Project, which has called for the breakup of tech companies, praised it.

“Not only is this investigation and report a victory for workers, small businesses, and consumers, it is an immense achievement for the anti-monopoly and break up big tech movements,” said Sarah Miller, the organization’s executive director. “Congress should take up the subcommittee’s proposed remedies immediately.”