These US senators want to shake up Big Tech regulation
US Senators Lindsey Graham and Elizabeth Warren proposed a bipartisan bill allowing Congress to establish a new regulatory body to oversee Big Tech companies like Amazon, Meta, Google, Apple, and Microsoft.
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The regulatory body, the Digital Protection Commission, would have the power to punish tech companies for violating consumer protection laws and engaging in anti-competitive behaviors. The commission would also look into tech companies' business practices that allow for favorable economic conditions for their products instead of making way for competing products.
In an opinion piece for The New York Times, Senators Warren and Graham detailed their reasoning for proposing the Digital Protection Commission. They explained how Google uses its search engine to place products like Google Flights and Google Hotels above competitors.
The Digital Protection Commission would work alongside the Federal Trade Commission to oversee mergers and acquisitions to ensure fair competition. This year, Microsoft's acquisition of gaming company, Activision Blizzard caught the attention of the FTC due to shady business practices on Microsoft's end.
The two senators also mentioned how the average American falls victim to Big Tech by being forced to offer up copious amounts of personal data to use their platforms. Lax regulations for storing and handling American user data make personal information vulnerable to data leaks, an issue the new commission would address.
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"Enough is enough. It's time to rein in Big Tech. And we can't do it with a law that only nibbles around the edges of the problem," they wrote.
According to the senators' op-ed, their commission would impose concrete consequences for tech giants, going further than imposing fines. They also mention combating the threat of AI and how harmful algorithms could have negative implications for Americans.
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The senators likened the Digital Protection Commission to other regulatory agencies like the Interstate Commerce Commission, the Federal Trade Commission, and the Federal Communication Commission. They believe the Digital Protection Commission is necessary to "preserve innovation while minimizing harm presented by emerging industries."