Washington, D.C. The House approved antitrust measures on Thursday that would give states more authority in competition disputes and increase funding for federal regulators in an effort to counteract the dominance of Big Tech corporations.
By a vote of 242-184, the bicameral proposal was approved. It was approved by significant House and Senate committees after being removed from more ambitious rules meant to restrain Meta, Google, Amazon, and Apple. These plans have been stalled for months, which has allowed the businesses to mount effective lobbying efforts against them.
With the more constrained law, states would have more control over where federal antitrust proceedings are heard than corporations. The “home-court advantage” that Big Tech firms get in federal court in Northern California, where many cases are tried and where many of the firms are headquartered, would be eliminated, according to the change’s proponents.
In late 2020, many states joined the Justice Department and the Federal Trade Commission in their historic actions against Google and Meta (then known as Facebook), respectively. Many state attorneys general have initiated antitrust cases against the business.
Additionally, the legislation would raise filing fees that businesses must pay to federal authorities for any proposed acquisitions valued at $500 million or more, while decreasing filing rates for small and medium-sized transactions. The objective is to raise money for federal enforcement initiatives.
Companies seeking approval for mergers would be required, under the proposed legislation, to reveal any subsidies they received from nations considered to be a strategic or economic threat to the United States, particularly China.