WASHINGTON (NEXSTAR) — Things are heating up over a sweeping Big Tech bill that supporters argue would promote competition and bring down consumer prices online.
But Big Tech groups are sounding the alarm. They argue the plan will due just the opposite.
U.S. Senator Amy Klobuchar, D-Minn., said that the bill is designed to help consumers by stopping companies like Apple, Google or Amazon from squashing competition online.
“The bill is pro-competition and it’s common sense,” Klobuchar said. “The world’s largest platforms shouldn’t be allowed to copy small businesses’ private data and then create their own knock-off products.”
Klobuchar and U.S. Senator Chuck Grassley, R-Iowa, said the plan will also lower prices and spur innovation.
Big Tech groups say the plan will actually do the opposite and are spending millions of dollars on ads and lobbying to try to block it.
U.S. Senator Josh Hawley, R-Mo., supports the bill and said he’s growing concerned that the pressure campaign will work.
“Big Tech groups in total have spent over $20 million,” Hawley said. “They’re certainly twisting people’s arms left and right.”
Carl Szabo with NetChoice, a firm representing tech groups, says not much arm-twisting is necessary.
“Economic studies show this legislation will increase inflation,” he said. “As more and more lawmakers realize the bad effects of this bill they’re backing away incredibly fast.”
The U.S. Department of Justice supports the legislation, and Klobuchar said she wants to see a vote by the Fourth of July.