A big crackdown may be headed for Big Tech, thanks to an executive order signed by President Joe Biden.
A big crackdown may be headed for Big Tech, thanks to an executive order signed by President Joe Biden on Friday.
The move signals tougher scrutiny over Big Tech, in an effort to thwart practices that the White House and numerous legislators believe hamper competition and consolidate market power. Notably, the mandate cements the powers of the Federal Trade Commission to more deeply probe mergers and acquisitions by large internet platforms — which could muck up the works for Silicon Valley giants such as Facebook, Google, Amazon and Apple, which are prone to buying up emerging competitors.
On the labor front, the sheet cites research singling out “industry consolidation” for “decreasing advertised wages by as much as 17 percent. Tens of millions of Americans — including those working in construction and retail — are required to sign non-compete agreements as a condition of getting a job, which makes it harder for them to switch to better-paying options.
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