4.5 • 705 Ratings
🗓️ 17 June 2021
⏱️ 12 minutes
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0:00.0 | Hi, I'm Dan Pramak, and welcome to Axios Recap, where we dig into one big story. |
0:08.1 | Today is Thursday, June 17th. |
0:10.4 | New job list claims are up, food delivery app downloads are down, and we're focused on D.C.'s |
0:16.1 | Newest effort to rein in big tech. |
0:20.7 | Last week, House lawmakers introduced a series of five bipartisan bills to curb the power of |
0:26.1 | big tech. |
0:27.0 | No specific companies get mentioned by name in any of the legislation, but it's pretty |
0:30.9 | clear that the targets are Apple, Amazon, Facebook, and Google. |
0:35.1 | In a few moments, we'll hear from Representative David Cicillini, |
0:37.9 | chair of the House antitrust committee and a sponsor on most of these bills, who I spoke |
0:41.4 | with last night. But first, let's quickly break down what happens if the full quintet becomes law. |
0:46.8 | For Apple, it would be forced to change how it operates the app store. For Amazon, it could |
0:51.5 | break up control of its lucrative marketplace. |
0:56.4 | Google could be forced to sell YouTube. |
1:00.8 | And Facebook, well, for Facebook, it would become much harder to buy smaller rivals. |
1:04.9 | And yeah, that's a sort of new antitrust rule that would impact all big tech companies. |
1:09.7 | But Facebook is kind of the king of the beneficial acquisition, if you think about Instagram and WhatsApp. |
1:11.4 | The bottom line is that Congress is finally beginning to act after several years of talking about how big tech companies have |
1:16.2 | become, well, become too big. What I wanted to better understand now is how Congress plans to get |
1:22.1 | these bills over the finish line in the face of opposition from Silicon Valley, plus in the |
1:26.8 | midst of Congress trying to pass those big infrastructure bills, and a recent bipartisan bill intended to bolster our tech sector's ability to compete with China. |
1:34.5 | We'll discuss all of this and more with Congressman Sicilini. |
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