Therese Poletti’s Tech Tales: Democrats promised to rein in Big Tech. They have failed.

by | Aug 25, 2022 | Stock Market

For 20 years, Congress has stood by and failed to regulate technology as tech has changed rapidly and become an integral part of Americans’ lives. Democrats promised to change that in the last election cycle. While winning the presidency and both houses of Congress, they promised to crack down on the immense and growing power of Big Tech companies like Apple Inc.
AAPL,
+1.04%,
Alphabet Inc.
GOOGL,
+1.76%

GOOG,
+1.78%,
Amazon.com Inc.
AMZN,
+1.89%
and Facebook parent Meta Platforms Inc.
META,
+2.45%
by reshaping antitrust law.

With less than a month to go before the members of the 117th Congress leave to rally voters again, though, they have failed to actually accomplish anything. A coming chance for some legislative change is an antitrust bill that many believe is flawed, but it could be voted on by the Senate this September. Don’t miss: As Congress flounders in Big Tech regulation push, the FTC isn’t waiting around The American Innovation and Choice Online Act is meant to prevent dominant firms from favoring their own services and disadvantaging rivals, or discriminating against businesses or biasing search results in favor of its own services. It is a bid to regulate the large digital platforms of our day, all of which have faced recrimination for these types of practices — Google favoring in-house shopping results, Apple and Android restricting payment services in their respective app stores and on iPhones specifically, Amazon competing against its own merchants on its e-commerce platform, Facebook’s “Buy or Clone” approach to competition. The bill, co-authored by Sen. Amy Klobuchar (D., Minn.) and S …

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