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Big Tech bill advocates and critics keep pressure on U.S. lawmakers

WASHINGTON (Reuters) - Supporters of a U.S. bill aimed at reining in Big Tech platforms like Amazon.com (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL)'s Google have flooded lawmakers...
Big Tech bill advocates and critics keep pressure on U.S. lawmakers © Reuters. FILE PHOTO: The logos of Amazon, Apple, Facebook and Google in a combination photo/File Photo

WASHINGTON (Reuters) - Supporters of a U.S. bill aimed at reining in Big Tech platforms like Amazon.com (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL)'s Google have flooded lawmakers with nearly 4,000 phone calls, while critics of the legislation sent a letter telling senators it would "harm consumers."

Versions of the bill have progressed further than any previous Big Tech antitrust legislation, with strong bipartisan support in the House of Representatives and Senate. The legislation seeks to bar companies from favoring their own businesses in search results and other ways.

Both Senator Amy Klobuchar and Representative David Cicilline, lead sponsors in each chamber, have predicted that their bills have enough support to pass Congress, if they come to a vote.

But the Senate has other matters on the calendar. Negotiators are close to a deal on gun control, and Senate Majority Leader Chuck Schumer has promised quick action on any bipartisan deal. That likely would take up much of this week's Senate floor action once the bill is introduced.

To keep the pressure on, advocates for the Big Tech bill organized for small and medium-sized businesses and others to contact lawmakers via email - which 26,000 of them did, according to Evan Greer of the group Fight for the Future.

Fight for the Future and other advocacy groups also arranged for supporters to make 3,900 calls to lawmakers, Greer said.

Opponents have also kept up the pressure.

A long list of former antitrust enforcers who now teach economics, law, or business, sent a letter to senators Monday saying that the bill "is likely to reduce innovation and harm consumers."

Signatories include Doug Melamed and Carl Shapiro, both of whom previously served in the Department of Justice's antitrust division.

Since the beginning, the bills have been the subject of intense lobbying, with opponents warning of dire consequences such as an inability to protect consumers from hackers and privacy violations. Advocates say the legislation is needed to prevent stagnation in the technology market.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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