The four technology companies 'have too much power, and that power must be reined in and subject to appropriate oversight and enforcement,' the subcommittee's report said.
Business practices used by technology giants Amazon, Facebook, Apple and Google have allowed the companies to hold monopolies over large portions of the digital marketplace, according to a report released Tuesday by the Subcommittee on Antitrust, Commercial and Administrative Law.
Calling for the reform of U.S. antitrust laws, the subcommittee report said that the four companies"have too much power, and that power must be reined in and subject to appropriate oversight and enforcement. Our economy and democracy are at stake."Hearings involving the business leaders of the companies ended in responses that"were often evasive and non-responsive, raising fresh questions whether they believe they are beyond the reach of democratic oversight.
Facebook, headed by CEO Mark Zuckerberg, was named as a technology company which held a monopoly in the marketplace Tuesday in a report from the House Judiciary Committee.Recommendations from the subcommittee included enforcing"structural separations and prohibitions" of companies in similar lines of business, strengthening the current U.S. antitrust laws and allowing federal antitrust agencies to level civil penalties against companies that engage in unfair methods of competition.
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