A duo of senators have introduced a bipartisan bill that would limit Big Tech’s ability to buy other companies. Big Tech companies such as Amazon and Facebook have been accused of engaging in anti-competitive behavior by buying out their competition.
On Friday, the office of Democrat Sen. Amy Klobuchar, who heads the antitrust subcommittee of the Senate Judiciary Committee, said that together with Republican Sen. Tom Cotton, they had introduced a bill targeting Big Tech’s ability to make acquisitions.
We obtained a copy of the bill for you here.
The bill would give the government the power to stop acquisitions by large companies if a court rules that the acquisition is bad for competition.
“We’re increasingly seeing companies choose to buy their rivals rather than compete,” Klobuchar said in a statement.
“This bipartisan legislation will put an end to those anticompetitive acquisitions by making it more difficult for dominant digital platforms to eliminate their competitors and enhance the platform’s market power.”
In the House, Democrat Rep. Hakeem Jeffries introduced a similar bill which has been approved by the House Judiciary Committee and will soon be voted on by the House.
In October, Klobuchar and others also introduced a bill that would limit Big Tech platforms from favoring their own products.
However, so far, no bill seeking to rein in the massive power of Big Tech corporations has passed.