Nominee for FTC chairman signals scrutiny for tech giants

The nominee of the president of the United States is all set to lead one of the top consumer watchdog agencies of the nation gave a suggestion to Congress on Wednesday that Silicon Valley may go for a critical observation or an examination of potential antitrust violations under his tenure in office. This could very well result in challenging the growing influence of the dominant tech giants in the country. Joseph Simons who is a corporate antitrust lawyer and the choice of the US president for leading the Federal Trade Commission or FTC said during a confirmation hearing before the Senate Commerce Committee that he would be giving a priority to consumer protection issues where the harm is actually the greatest and that would result in the accumulation of the biggest bang for the taxpayer dollar.

He also said that many times the companies get big because they are quite successful with the consumer and at the same time they offer a very good service with a low price. When Simons was asked about his views of antitrust concerns in Silicon Valley he said that this is basically a good thing and that we do not want to interfere with that. He also mentioned that on the other hand, the companies that are already big and very influential in nature can sometimes get the help of inappropriate means and anticompetitive means for getting bigger or to remain big. He stated that if this is actually the case then we need to vigorously enforce the antitrust laws. Senator Ted Cruz referred to a news report which put a lot of stress on the breadth of business operations of Facebook and Google. He mentioned that the scope of market power, size, and the control of public discourse is unprecedented. He then asked about the way of actually approaching this development by commission.

Simons said that this place is very likely to have antitrust problems and there are places that have market power and those are the exact places where we should be having a look at the most. The statement from Simmons came at a time when some in Washington have already focused on the brisk ascendance and growing power of tech platforms. The Federal Trade Commission plays a vital role in policing corporate abuse and deception by protecting consumers and at the same time help in the promotion of competition across a wide variety of industries.

January 16, 2022 - 03:21
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