: Tech legislation appears dead, and the congressional finger-pointing has begun

by | Oct 6, 2022 | Stock Market

Hope has evaporated for a vote on game-changing tech legislation in this congressional session, and both sides in the debate are in agreement on at least one thing: Someone else is to blame. Politicians from both parties are pointing fingers at tech companies, with Sen. Josh Hawley, a Missouri Republican, ominously referring to “pressure from Big Tech” and Hillary Clinton condemning “an enormous PR campaign” from tech companies. However, the biggest roadblock could be lawmakers who are the target of the tech companies’ lobbying and are among their most powerful constituents: the California congressional delegation.

“Arguably, the biggest reason we haven’t seen legislation is the California delegation is not sure it wants to harm the golden goose,” Ed Mills, a Raymond James analyst who closely follows tech legislation, told MarketWatch. Most Northern California members serving in the heart of Silicon Valley have not not responded to repeated MarketWatch requests for comment on antitrust legislation over the past few months, including another round of calls and email messages last week. One who did, Democratic Rep. Zoe Lofgren, quickly pivoted the issue from antitrust to online content and privacy. “Most of the bills that passed the H …

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