![]() Right now in the US, there are multiple, simultaneous government investigations focused on the business practices of each of the four Big Tech giants - Amazon, Apple, Google, and Facebook - that could someday lead to the breakup of these companies or major changes in how they operate. CNN Sans ™ & © 2016 Cable News Network.Big Tech has a target on its back. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account ![]() “We’ll take the side of small business and consumers – not the side of big tech monopolists.” “Who do you trust? The largest online retailer in America with a demonstrated record of stiffing small businesses and lying about this bill’s impact, or small businesses themselves?” the spokesperson said. Those and other small business groups have endorsed the bill, along with the departments of Commerce and Justice. In response to Amazon’s blog post, a spokesperson for Klobuchar said the company was misrepresenting the bill’s effects and that it would help the very small businesses Amazon claimed to represent, as well as smaller tech companies, hotels and the 35,000 businesses represented by the National Association of Wholesale Distributors. But the proposed bills that Congress is now considering, which attempt to broadly cover five companies, each with a vastly different business model, should be reconsidered.” ![]() If Congress believes that the highly competitive retail industry needs regulation, we welcome the opportunity to engage in identifying and addressing legitimate concerns lawmakers may have. “We also understand that such scrutiny can bring calls for new regulations. “As one of the nation’s largest retailers, we understand our success invites scrutiny,” Huseman wrote in the blog post. But if it drags into the fall, the midterm elections risk derailing the process. Majority Leader Chuck Schumer reportedly intends to bring the legislation to a vote this summer, which could set up a subsequent House vote. Of the major tech regulation bills being considered in Congress, AICOA appears closest to becoming law, though it still faces a long road. “This degradation of the Prime experience would materially hurt not just Amazon (which is what we believe to be the real, unstated goal of the legislation), but, more importantly, every American consumer and small business that currently relies on the Prime service.” “Were this legislation to become law, it would substantially degrade the value and quality of Prime, as many of the products sold in our store today with Prime’s one- to two-day delivery promise would be undeliverable in that time frame,” Huseman wrote. In Amazon’s case, critics have previously complained that the company harms competition by selling its own products on the same digital marketplace as third-party sellers, as well as requiring third-party sellers to abide by platform terms that appear to favor Amazon’s logistics services. It also covers a number of Big Tech companies, including Apple The proposed legislation, known as the American Innovation and Choice Online Act (AICOA), is intended to limit conflicts of interest that may be created when a tech platform owns more than one type of business. ![]() (Photo by Graeme Jennings-Pool/Getty Images) Graeme Jennings/Pool/Getty ImagesĪmazon may face criminal liability for lying to Congress, House lawmakers allege The committee was scheduled to hear testimony from the CEOs of Apple, Facebook, Amazon and Google. WASHINGTON, DC - JULY 29: Amazon CEO Jeff Bezos testifies via video conference during the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law hearing on Online Platforms and Market Power in the Rayburn House office Building, Jon Capitol Hill in Washington, DC. ![]()
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