After years of buildup about a regulatory crackdown against Big Tech, there is still no significant U.S. law and a real possibility there will be none for several years.
Nearly three years ago, when the Justice Department and Federal Trade Commission launched probes into the business practices of Big Tech, antitrust experts and legal talking heads declared a new age in enforcement and a chastening of unbridled financial power.
Time is running out. The prospect of heavily regulating, if not splintering, the largest tech companies — which seemed an inevitable tectonic shift to American life last year — has been confined to secondary status on Capitol Hill. The two issues Democrats and Republicans have diverged on are whether a digital privacy bill should include private rights of actions so individuals can sue over violations of their data rights, and whether the federal bill should preempt state laws, according to Caitriona Fitzgerald, deputy director of the Electronic Privacy Information Center.
Senate bills haven’t advanced since early February. “Key power brokers, such as Nancy Pelosi and Chuck Schumer have been dragging their feet over bringing antitrust bills to their chambers,” Chakravorti told MarketWatch.“The votes are there — but only if Leader Schumer calls for the vote,” Luther Lowe, senior vice president of public policy at Yelp Inc. YELP, +0.99%, told MarketWatch.
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