Los Angeles, CA (Variety) — Capping a nearly 16-month probe into the market power of four big tech companies — Amazon, Apple, Facebook and Google — House Democratic lawmakers issued the findings from their report and called for an overhaul of U.S. antitrust laws to rein in their “monopoly” status.
“The totality of the evidence produced during this investigation demonstrates the pressing need for legislative action and reform,” the report from the House Judiciary Committee’s Democratic leadership said. “These firms have too much power, and that power must be reined in and subject to appropriate oversight and enforcement.”
The committee's investigation, launched in June 2019, gathered nearly 1.3 million documents and included seven hearings to “review the effects of market power online.” That included a nearly six-hour hearing with the CEOs of the companies: Amazon's Jeff Bezos, Apple's Tim Cook, Facebook's Mark Zuckerberg, and Alphabet/Google's Sundar Pichai.
“To put it simply, companies that once were scrappy, underdog startups that challenged the status quo have become the kinds of monopolies we last saw in the era of oil barons and railroad tycoons,” the report says. “Although these firms have delivered clear benefits to society, the dominance of Amazon, Apple, Facebook, and Google has … — Todd Spangler/@Variety