'Congress is launching a bipartisan investigation into digital markets and the tech industry, looking into giants such as Facebook, Google and Amazon for “competition problems” and “anti-competitive conduct”.
“The open internet has delivered enormous benefits to Americans, including a surge of economic opportunity, massive investment, and new pathways for education online,” House judiciary chairman Jerrold Nadler said in a statement. “But there is growing evidence that a handful of gatekeepers have come to capture control over key arteries of online commerce, content, and communications.”
In addition to “documenting competition problems” and looking into “anti-competitive conduct,” the committee will assess “whether existing antitrust laws, competition policies and current enforcement levels are adequate to address these issues,” lawmakers said in a joint statement.
“Technology has become a crucial part of Americans’ everyday lives,” said Jim Sensenbrenner, antitrust subcommittee ranking member, in a statement. “As the world becomes more dependent on a digital marketplace, we must discuss how the regulatory framework is built to ensure fairness and competition.”
The announcement comes as US regulators, too, are moving to tighten scrutiny over the tech giants.
Earlier on Monday, US tech stocks dropped after reports that US antitrust officials were preparing to investigate companies such as Apple, Facebook and Google parent Alphabet.
Under an agreement with the US justice department, officials from the Federal Trade Commission are reportedly preparing to investigate any practices at Facebook that may harm competition in the digital market.
Separately, Reuters reported that the justice department had taken jurisdiction for a potential investigation of Apple, as part of a broader review of whether technology giants use their size to act in an anti-competitive manner.'
Read more: Tech monopoly? Congress increases antitrust scrutiny on Facebook, Google, Amazon
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