- House lawmakers unveiled the bills to reel in tech companies’ power over the online market.
- The “Big Four” have faced mounting scrutiny from Congress over antitrust concerns in recent years.
- This lew legislation would be a significant step toward loosening tech’s monopoly power.
- See more stories on Insider’s business page.
House lawmakers on Friday unveiled five bills designed to rein in big tech companies and loosen their stranglehold on digital industries.
The new legislation is specifically aimed at Amazon, Google, Apple, and Facebook, which have all faced increased scrutiny over antitrust concerns in recent years.
The bills have largely bipartisan support and would equip regulators with more power to control tech firms from holding too much market dominance, their sponsors said.
“Right now, unregulated tech monopolies have too much power over our economy,” Antitrust Subcommittee Chairman David N. Cicilline said in a press release.“They are in a unique position to pick winners and losers, destroy small businesses, raise prices on consumers, and put folks out of work.”
Insider has reached out to the four companies in question for comment.
This story is developing. Check back for updates…