House Democrats investigating the power of big technology firms are looking at possibly breaking up the companies, according to published reports. Their ideas could turn into laws if Democrats also capture the U.S. Senate and the presidency.
House Democrats investigating the power of big technology firms are looking at possibly breaking up the companies, according to published reports. Politico, which first reported the news, as well as Bloomberg News and Reuters, said a memo from a Republican on the House Judiciary Committee’s antitrust subcommittee.
According to the reports, GOP Rep. Ken Buck of Colorado said the Democrats are drafting ideas that would limit future acquisitions of giants such as Amazon AMZN, -1.01%, Google owner Alphabet GOOG, -0.08%, Apple AAPL, -0.51%, and Facebook FB, +0.14%. Buck said he agreed with some of the measures, while disagreeing with more far-reaching breakup proposals. The Bloomberg report said one measure would block the giants from both owning marketplaces and selling their own products on them. The report from the Democrats, who are the majority on the committee, had been slated for release as early as Tuesday, but it’s now delayed, according to Politico. Their ideas could turn into laws if, as polling suggests, Democrats also capture the U.S. Senate and the presidency in the coming election. Nasdaq-100 futures NQ00, +0.15% were lower on Tuesday. The Nasdaq Composite COMP, +0.46% has soared 26% this year behind the strength of the world’s technology superstars.
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