House Panel Says Tech Giants Hold Monopoly Power, Seeks to Break Them Up

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Democratic Rep. David Cicilline of Rhode Island, the Chairman of the panel previously referred to it as a type of “Glass-Steagall” law for the digital marketplace, which Buck described as “a thinly veiled call to break up Big Tech firms.”

The Glass-Steagall is a Depression-era law that separated commercial and investment banking. Therefore, the Democrats are proposing to break-up tech companies or divest their businesses. For example, Facebook will be forced to separate from its other social media platforms such as Instagram or WhatsApp.

Buck said, “We do not agree with the majority’s approach to pass a Big Tech Glass-Steagall Act.”

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