FILE PHOTO: The logo of Amazon, Apple, Facebook, and Google, are seen in a combination photo from the Reuters files. (REUTERS photo//File Photo
WASHINGTON (Reuters) – the Vast troves of consumer data that is collected by the large technology companies that will enable them to gain a competitive advantage and pose a threat to competition, as well as the Federal Trade Commission’s Rohit Chopra said on Friday.
The personal data that has been feeding on the power of the tech companies that offer basic services for free, which is “not really free of charge,” said, Commissioner, I, as a Democrat, told the House of Representatives of the Judiciary antitrust subcommittee during a hearing.
He said he was too small and the fines and financial sanctions will not be enough to address concerns over the power of the large technology companies, adding that regulators need to take a closer look at that.
For example, earlier this year the FTC fined Facebook Inc’s $5 billion-about on-line privacy. I voted against this resolution.
There are a variety of probes with federal, state, and congressional level, and aims at the establishment of the major technology companies – the Alphabet-which is owned by Google, Facebook, Amazon.com Inc. Apple, Inc. – to use their considerable influence in the online market in illegally to harm competitors, or otherwise breaking the law.
Once hailed as the engines of economic growth, these firms are increasingly on the defensive about their market impact. The politicians, including the President, Donald Trump, to consumers, other businesses, and regulators, have criticized those in power.
Earlier this week, the leaders of the House Judiciary Committee, said that she had started to receive information from these companies as part of its investigation into the companies alleged violations of the antitrust laws.
Democrat David Cicilline, who is the chairman of the antitrust subcommittee, said on Friday that the commission has received “tens of thousands of documents and are expected to attend.
Reporting by Nandita Bose; Editing by Alistair Bell