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Senate committee votes to advance major tech antitrust bill

KEY POINTS

- The Senate Judiciary Committee voted 16-6 on a bipartisan basis Thursday to advance a major tech competition bill.

- Some experts consider the American Innovation and Choice Online Act legislators’ best shot at making substantial reform to laws that govern Big Tech.

- If passed, the bill would have significant implications for Amazon, Apple and Google in particular.

The bill prohibits dominant platforms, defined by criteria including how many users they have and their market cap, from discriminating against other businesses that rely on its services, in what’s sometimes referred to as self-preferencing.

That means, for example, Amazon could not simply decide to list its own private label products higher in its search ranking than third-party rivals’ listings. And, similarly, Apple and Google could not unfairly rank their own apps higher than rivals in their own mobile app stores. The same principle would apply to results from Google’s general search engine.

“Despite millions of lobbying dollars by monopolists spent to influence lawmakers, a bipartisan group of senators just stated with a clear voice that Big Tech is too powerful,” Sarah Miller, executive director of the American Economic Liberties Project, said in a statement.

Do you think this could be the reason for the tumble in tech stocks? Or what else do you think is the reason?
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    True and timely
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