money Amazon and other tech giants could be forced to split their businesses under new House bill, report says
Amazon and other tech giants could be forced to either divide their businesses into two companies or remove their private-label goods under a new bipartisan bill pushed by House lawmakers, The Wall Street Journal reports.
The bill has yet to be announced, but sources told the publication that an announcement was expected on Friday.
Under the bill, which was currently called the Ending Platform Monopolies Act, it would prevent tech giants like Amazon, Apple, and Google from owning or controlling “a line of business, other than the covered platform, when the covered platform’s ownership or control of that line of business gives rise to an irreconcilable conflict of interest.”
Instead, these companies would be mandated to split their business or shed their private-label products.
Big Tech has faced severe scrutiny from Congress over the last year for specific companies’ monopoly over their respective industries.
Congress was considering several bills to address concerns related to Big Tech, and another bill up for consideration would target the ability for these large companies to leverage their own products on their online platforms over products from other competitors.
According to The Wall Street Journal, both proposed bills have support from Democratic and Republican lawmakers within the House of Representatives.
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