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House looks to break up Big Tech: RPT

A House of Representatives subcommittee on antitrust will publish a report on Big Tech following a year-long investigation, according to Bloomberg. Yahoo Finance's Akiko Fujita discusses.

Video Transcript

ADAM SHAPIRO: And, Akiko, you're looking at plans to break up big tech, at least these plans in the House of Representatives.

AKIKO FUJITA: Yeah. We're looking to a number of cases that are expected to be brought forward in the next few weeks. And Bloomberg now reporting that the House antitrust panel is looking to propose reforms that would prevent tech giants from selling products on a marketplace that they own, and that would certainly be a dramatic overhaul from the competition law that is currently in place.

When you think about the likes of Amazon and Google, not only have they grown their platform, they have been able to expand it by selling products and services that they own on their very own platform. Specifically when you talk about the house antitrust panel, they're looking to include a Glass-Steagall law for tech platforms. That of course was back in the 1930s separating investment banking activities from commercial banking ones.

In the case of tech, companies like Google and Amazon would be prohibited from entering different lines of businesses which would effectively amount to some sort of breakup. All of this, of course, coming as the panel wraps up its year-long investigation, and we're getting a number of reports that suggest the Department of Justice, as well as the state attorneys generals, are all planning to move forward with their antitrust cases in the next few weeks.

One other thing to note, Adam, here is the case involving the state attorneys general, because when you look at Texas and the attorney general there, Ken Paxton. He is now embroiled in a bribery scandal there that could really question the credibility of his case. Remember, he's one of the very first ones that came forward, getting other state attorneys generals on board with a case against Google. So a number of threads to be watching here, but we're going to be following the big tech space as we expect these cases to come forward in the next few weeks.