US tech giants are too powerful: Antitrust panel

WASHINGTON: Amazon, Apple, Google and Facebook are too powerful and will likely emerge from the coronavirus pandemic even stronger, the head of a US congressional antitrust committee said on Wednesday as the heads of these companies gathered over video for an unprecedented hearing to review their powers.

“Simply put, they have too much power,” House judiciary antitrust subcommittee chair David Cicilline said while opening the hearing featuring the CEOs of the four giants.

“Whether it’s through self-preferencing, predatory pricing, or requiring users to buy additional products, the dominant platforms have wielded their power in destructive, harmful ways in order to expand,” the Democrat from Rhode Island said.

Congressman Jim Sensenbrenner struck a more moderate tone in opening remarks, noting that the tech giants have been central to new lifestyles as people hunker down during the pandemic but adding that with the increased power comes increased scrutiny.

“Being big is not inherently

bad,” Sensenbrenner said. “Quite the opposite, in America you should be rewarded for success.”

US antitrust laws need to adapt to innovations that have made tech companies successful and influential, according to Sensebrenner.

US lawmakers will grill the four tech chiefs about how they wield marketplace power in what promises to be a rare political spectacle.

The House of Representatives hearing comes amid rising concerns over Big Tech dominance, which has become even more pronounced during the coronavirus disease (Covid-19) pandemic.

The unprecedented joint appearance before the House judiciary committee features Tim Cook of Apple, Jeff Bezos of Amazon, Mark Zuckerberg of Facebook and Sundar Pichai of Google and its parent firm Alphabet.

The CEOs of four of the world’s most powerful companies will testify remotely, less than 100 days before the US election.