October 1, 2022

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Breaking Big Tech Bad – WSJ

1 min read


Photo:

denis charlet/Agence France-Presse/Getty Images

When lawmakers and regulators move too fast, they break things. But then breakage seems to be the main point of a bipartisan group of Senators pushing legislation that would punish Big Tech companies. The bill has received little debate, yet Majority Leader

Chuck Schumer

wants to hold a vote pronto.

Giant businesses have always emerged during eras of technological upheaval. But their dominance faded over time amid competition or business mistakes—think of

General Motors,

Sears,

Xerox,

or

IBM.

Note that Big Tech stocks have plunged this year in part owing to slower growth and monetary tightening.

The Senate Judiciary Committee in January voted 16-6 to advance the deceptively named American Innovation and Choice Online Act. The bill has six Republican co-sponsors. Some Republicans want to take a swing at tech companies for censoring conservatives while posing as defenders of small business.

We’ve criticized Big Tech platforms as much as anyone for stifling political debate. But states are experimenting with legislation to crack down on censorship, and

Elon Musk’s

bid to buy

Twitter

is a market solution. While companies sometimes engage in anti-competitive practices, competition regulators and courts are equipped to deal with them under current law. The Senate bill will create…



2022-06-05 18:14:00

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