Public Management

U.S. Congress passes rule to regulate tech giants

U.S. Congress passes rule to regulate tech giants
Monday, 28 June 2021 14:35

The Big Tech has never risked more than fines or lawsuits for its excessive dominance over tech markets. This time, "America has had enough," Congressman David Cicilline told his peers on Wednesday, June 23.

A U.S. congressional committee approved, Thursday, June 24, after a session of about 30 hours, a bill to better regulate the activities of tech giants mainly the GAFAM (Google, Apple, Facebook, Amazon, Microsoft).

Big win for consumers, workers, and small businesses!” Democrat David Cicilline, chairman of the subcommittee on antitrust, tweeted. The anti-monopoly law, which covers 6 measures concerning the ownership of user data and the means to foster competition, still has to pass before the House of Representatives. If approved, the rule could change the current face of a market strongly dominated by GAFAM, and even open the way to future dismantling of these behemoths.

For Republican Kenneth Buck, who agrees with the Democrats in this venture, this project will free the digital marketplace from the grip of the all-powerful tech industry. The reform seeks to keep an eye on the stranglehold of big tech companies on their sales platforms, where they have full power. This is the case for Amazon, to name but one, which sells its products on its e-commerce site, while setting the rules for other competing companies on it. It is this abusive monopolistic hold that some American congressmen, mostly Democrats, want to limit.

This dual role of dominant platforms creates irreconcilable conflicts of interest and the bill would solve the problem by forcing them to choose between being a platform or marketing products and services on a platform,” explained David Cicillin.

Sèna D. B. de Sodji

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Bank aims to raise CFA67.5 billion ($120 million) by selling 20% stake on BRVM Offering expected in May 2026, with listing scheduled for August...
Ivory Coast adopted two draft laws to reform banking and microfinance regulations. The banking reform introduces Islamic finance, fintech companies and...
Gabon created a National Public Debt Committee to oversee debt policy, coordination and control. The government also launched an audit to determine the...
The World Bank approved a $225 million program to strengthen healthcare, nutrition and early childhood development in Ivory Coast. The program...
Most Read
01

Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...

Two Other African-focused Private Equity Firms to Snap Up assets shed by Global Majors
02

Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...

Tanzania Secures $2.33 Billion in Syndicated Financing for Standard Gauge Railway
03

Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...

Libya Opens Dollar Sales to Ease Pressure on Dinar and Prices
04

From WHO-led efforts to strengthen pandemic preparedness to measles vaccination drives in Uganda, al...

Weekly Health Update | Africa Steps Up Pandemic Preparedness as Health Sovereignty Takes Center Stage
05

Jetour to produce T1, T2 SUVs in South Africa from 2027 Chery to acquire Rosslyn plant, cre...

Chinese Automaker Jetour to assemble SUVs in South Africa from 2027
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.