New York introduces landmark antitrust bill to curb tech giants' market powers

The state of New York has unveiled a landmark antitrust bill that would make it easier to sue big tech companies in cases of abuse of power.

According to the reports, if the bill is successfully passed in the state, it could serve as a model for future legislation across United States. It also comes as a federal committee is conducting an anti-trust investigation into the tech giants amid concerns that their unmatched market power is suppressing competition. 

READ: Google, Apple, Amazon, Facebook CEOs Face US Congress On Competition, Antitrust Laws

New York Senate discuss the bill

As per reports, Senator Mike Gianaris has informed that the new bill (S8700A) is now being discussed in the New York Senate by its consumer protection committee and its aims update the antitrust laws for the 21st century. He added that the power and monopoly by the tech companies in the market have grown to dangerous levels and authorities need to curb them. 

READ: Antitrust Hearing: Zuckerberg Goes Against Expected Script, Hides Behind Apple And Google

Congress' Anti-trust Hearing 

Meanwhile, Four Big Tech CEOs -- Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google's Sundar Pichai, and Apple's Tim Cook -- faced the US Congress over their organisations' practices as the House capped its yearlong investigation on market dominance in the tech sector.

According to the reports, four CEOs faced US lawmakers virtually in Washington and answer questions involving accusations, data scoop, and unfair market advantage. As per the reports, critics have accused these companies of becoming powerful by gobbling up scores of rivals, stifling competition and innovation, and raising prices for consumers.

READ: Antitrust Hearing Key Moments: Bezos Having Snack; 'hostage Video'; Confused Lawmaker

READ: Amazon CEO Jeff Bezos Escapes Early Questions At Antitrust Hearing Due To Tech Glitches