Greedy tech giants have finally met their match - in a 1930s law
Depression-era act would crush destructive anti-competitive behaviour by the likes of Google and Facebook
They are the world’s largest companies with swollen valuations that stretch into the trillions of dollars. Critics say the likes of Facebook, Amazon and Google have become far too powerful, squashing competitors, wreaking havoc on small businesses, stifling the innovations of their rivals and harming our democracies. Yet for years, politicians in Washington DC have struggled to come up with a coherent strategy to rein in the power of Silicon Valley’s biggest technology companies.
Calls for the break-up of businesses such as Google and Facebook struggle to win cross-party appeal. However, the US House antitrust committee appears to have settled on a new strategy.
Although its formal proposals have not yet been published, committee members have put forward what has been described as a “Glass-Steagall Act for Big Tech”. The basic principle would be to destroy the ability of technology companies to create and run their own platforms while using them to sustain their own monopoly control of specific businesses...