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With fight over AICO, tech antitrust is facing its biggest challenge yet in the Senate - The Verge

With fight over AICO, tech antitrust is facing its biggest challenge yet in the Senate - The Verge

Sponsored by Sens. Klobuchar and Grassley, the American Innovation and Choice Online Act (AICO) is the best chance yet for meaningful tech regulation — but it will have to pass the Senate first.

After six months of slow progress, the Senate is closer than ever to instituting new tech antitrust rules — and the industry is fighting harder than ever to bring it down.

Sponsored by a bipartisan group including Sen. Amy Klobuchar (D-MN) and Sen. Chuck Grassley (R-IA), the American Innovation and Choice Online Act (AICO) was approved by the Senate Judiciary Committee in January and is poised for a full Senate vote in the coming weeks. But the bill is facing intense pushback from tech industry groups and shaping up as a major test of tech companies’ political muscle in Congress.

In a joint press conference on Wednesday, the bill’s cosponsors emphasized the bill’s bipartisan support among senators. “At its core, this is about lowering costs for consumers and helping competitive business,” Sen. Klobuchar told reporters. “And despite all the money being spent against us, we have momentum because the bill is pro-competition and it’s common sense.”

At the same event, Sen. Grassley emphasized the importance of quick action. “Big Tech companies want to protect the status quo, which allows them to expand their influence over our decisions,” the senator said. “If we want action, we need a Senate vote and we need that Senate vote to be soon.”

Still, it’s unclear when the vote will actually take place. Bringing the bill to the floor will take action from Senate Majority Leader Chuck Schumer, who expects to schedule the vote for “early Summer” — but with much of the Senate preoccupied with gun control legislation, the precise date of the vote is still uncertain.

https://www.theverge.com/2022/6/10/23162438/american-innovation-choice-online-act-aico-klobuchar-grassley-senate


Post ID: 696d7de1-9605-4d7f-a647-10030b8c9be9
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Updated: 2 weeks ago

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