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6/11, 5:16 PM (Source: TeleTrader)
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New bills to require big tech to shed assets - report

The United States House of Representatives is expected to unveil a bipartisan bill that would require Amazon.com Inc. and other tech giants to shed their assets, the Wall Street Journal reported on Friday.

According to the publication, the bill would require big tech corporations to split into two companies or get rid of their private-label products, adding that it would be illegal for any covered platform operator to control any business outside its cover if that control "gives rise to an irreconcilable conflict of interest." Additionally, a different bill could hinder tech companies from leveraging their platforms to boost their own products over competitors.

The legislation would be a part of five separate bills targeting tech giants, which span a range of issues from data portability to stricter antitrust regulations concerning competitions. The bills have Republican and Democratic signatories and come after a 15 month-long inquiry into the power of tech companies, such as Amazon, Google, and Apple, by Congress.

Breaking the News / OL