The House of Representatives lawmakers are charting out five antitrust bill drafts, four of which are aimed to regulate the Big Tech and might be introduced shortly, Reuters reported.
Two out of the five bills address issues of platforms like Amazon.com Inc AMZN, which allegedly create a space to sell products and compete against those products.
One of the two bills may levy a penalty of 30% of the U.S. revenue of the business affected by the favoritism towards the platform’s product. The second bill mandates the platforms to sell any business that incentivizes to promote the platform’s products or business lines.
The third bill is aimed to prevent the platform from pursuing any merger unless it can prove that the acquired company is not a competitor of any product or service available on the platform.
The fourth bill will require platforms to set up a user data transfer mode to include data transfer to a competing business.
The fifth bill is similar to a Senate measure that will raise what the Justice Department and Federal Trade Commission (FTC) charge to assess the biggest companies to ensure the legitimacy of their mergers and increase the agencies’ budget.
The House Judiciary Committee’s antitrust panel in Oct. 2020 disclosed the four big technology companies’ exploitations, including Alphabet Inc’s GOOG GOOGL Google, Apple Inc AAPL, Amazon, and Facebook Inc FB and sought extensive antitrust law changes.
Price action: AMZN shares traded lower by 0.07% at $3,278.77 in the premarket session on the last check Thursday.