(Amazon chief executive Jeff Bezos owns The Washington Post).
The report could provide a regulatory blueprint for lawmakers who have significantly ramped up rhetoric criticizing the tech giants in recent years, but have yet to actually pass any laws that would significantly check the industry’s power. The report’s authors, all Democrats, hope it will be a turning point for how Washington approaches corporate consolidation.
“ … Congress must revive its tradition of robust oversight over the antitrust laws and increased market concentration in our economy,” the report said.
Here are our top seven takeaways after sifting through the nearly 450-page report:
1. It proposes some most sweeping revisions to antitrust law in decades.
The report proposes changing existing laws in ways that could have far-reaching effects throughout the entire economy. The report recommends:
New limits on companies operating in adjacent lines of business, which could impact how tech companies operate
Senate Judiciary Chair Lindsey Graham (R-S.C.), meanwhile, is holding a markup of new legislation on Thursday aimed at addressing allegations of an anti-conservative bias on social media. It’s the fastest any bill to revamp the legal shield has moved from introduction to a markup on Capitol Hill in recent memory.
Both committees are targeting liability protections that have been credited with fueling Silicon Valley’s success. The provision — enshrined in a 1996 law known as Section 230 — has allowed online businesses to grow without fear of lawsuits over user posts or their decisions to remove or otherwise moderate users’ content.
Both lawmakers have reason to want to get in the White House’s good graces. Graham, a prominent Trump ally, is facing the fight of his political life to hold onto his South Carolina seat against Democratic challenger Jaime Harrison. And Wicker will want to maintain a firm hold on