Washington, Sept. 30 (BUS): The House of Representatives has approved an antitrust law that targets the dominance of big tech companies by giving states greater power in competition issues and increasing funds for federal regulators.
The bipartisan measure passed by 242-184 votes. It was separated from more ambitious provisions aimed at reining in Meta, Google, Amazon and Apple and passed by key committees in the House and Senate.
Those proposals have languished for months, giving companies time for aggressive lobbying campaigns against them, according to the Associated Press.
A more limited bill would give states the upper hand over companies in choosing the location of courts that adjudicate federal antitrust cases.
Proponents say the change would avoid the “local court advantage” that big tech companies have in federal court in Northern California, where many cases are heard and many companies are based.
Several state attorneys general have brought antitrust cases against the industry, and several states have joined the Department of Justice and the Federal Trade Commission in high-profile lawsuits against Google and Meta (then called Facebook), respectively, in late 2020.
The bill would also increase filing fees companies pay to federal agencies for all proposed mergers of $500 million or more, while reducing small and medium-sized transaction fees. The goal is to increase revenue for federal enforcement efforts.
Under the bill, companies seeking approval for mergers must disclose support they have received from countries deemed to pose strategic or economic risks to the United States.
The Biden administration, which has pushed for antitrust legislation targeting big tech companies, passed the bill this week.
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