These five bills will break the monopoly of Facebook, Google, Apple and Amazon
The U.S. House of Representatives on Friday passed bills that would break the monopoly of the world’s largest tech companies, such as Amazon, Apple, Facebook and Google. If the bill passes, they will have to change their business model.
The US Congress on Friday introduced five bills claiming that big tech companies have controlled the business and ruled the country. According to a CNN report, companies such as Amazon, Apple, Facebook and Google will have to change the model and nature of their business if the bill is passed.
For example, the bill would prevent Google from promoting YouTube on its search engine, or Amazon would stop selling its products in markets that compete directly with third parties. In addition, if Apple is to ease its ban on iOS app developers, Facebook may be barred from buying such companies, citing competition in the future.
The bill does not name any company, but the bill, introduced after a 16-month investigation, seeks to break the current monopoly of Amazon, Apple, Facebook and Google and create a competitive market.
The five aggressive bills point out that the big tech companies that control the market and buy or control competing companies are about to sever ties with their companies.
The bill would limit companies from acquiring new businesses. As the big tech companies become more powerful, they start to put profits above the users and do not give other companies a place to compete.
Democrats say big tech platforms dominate and control the market. The new bill is believed to promote equality, restraint on monopolies and healthy competition for all.
The members of the committee that registered the bill have responded that the competing companies have not been allowed to rise, small businesses have not been able to compete, three or four companies have come under control and consumers have to pay high fees due to lack of competition.
Google declined to comment when asked about the bill, and Facebook, Apple and Amazon have not responded, CNN reported.
These are the five bills
1. American Choice and Innovation Online Act: This bill will prevent big tech companies from manipulating the market.
2. The Ending Platform Monopoly Act: This act to end the monopoly will prevent tech giants from selling their products in the marketplace they control.
3. The Platform Competition and Opportunity Act of 2021: This Act will make it difficult for you to buy a competing company or take a policy to eliminate it.
4. The Aggregate Compatibility and Enabling Service Switching (ACCESS) Act of 2021: This is an act that allows users to easily leave social networks and move their data.
5. The Merge Filling Fees Modernization Act of 2021: This Act will allow the Justice and the Federal Trade Commission to use the necessary resources to formulate policy.