The subcommittee revived a key function of Congress: the power to investigate, report and set the stage for legislation. The report itself may become a keystone in a long-overdue dawning of progressive tech reforms.
Since the mid-1970s, Congress has celebrated the rise of new technology and tech businesses. Both political parties, for different reasons, dismissed antitrust concerns as a relic of a bygone age. For Democrats, globalization and technology seemed to guarantee competition. When antitrust was excised from the party platform in 1992, it had been there since the Gilded Age. For Republicans, markets cured themselves; antitrust was simply another form of regulatory abuse.
Into the vacuum between these positions came the rapacious Big Four. The subcommittee report details how they came to operate at unprecedented scale and reach. The companies’ combined valuation is more than $5 trillion. Add in Microsoft ($1.5 trillion) and Tesla ($275 billion), and the collective