In a significant move to address growing concerns over the power and influence of big tech platforms, two U.S. senators, Lindsey Graham (R-S.C.) and Elizabeth Warren (D-Mass.), joined forces to introduce a new bipartisan bill on July 27.

The bill aims to curb the exploitative use of consumer data and safeguard national security, signaling a united effort to regulate tech giants like Facebook, Google, and Amazon.

Empowering a Regulatory Body:
The proposed bill lays the foundation for the creation of a bipartisan regulatory body tasked with overseeing and policing major tech platforms.

By giving this body the authority to promote fair competition, protect consumer rights, and strengthen national security, the bill seeks to instill much-needed accountability in the tech industry.

Additionally, the Federal Trade Commission and the Department of Justice will collaborate with the regulatory body to enforce violations of the law, ensuring that digital platforms cannot act with impunity.

Senator Graham emphasized the urgency of the bill on Twitter, stating, “It’s time to rein in Big Tech. And we can’t do it with a law that only nibbles around the edges of the problem.

Piecemeal efforts to stop abusive and dangerous practices have failed.”

He also acknowledged the challenges faced by Congress, lacking the necessary tech expertise while Big Tech lobbyists skillfully thwart individual efforts.

Imposing Essential Restrictions:
The bill proposes crucial requirements for dominant tech platforms, insisting they either be owned by U.S. citizens or have a U.S. subsidiary.

If approved, this legislation will impose restrictions on data processing in certain countries and demand that platforms identify bots, reducing the spread of misinformation and malicious activities.

Crucial Measures to Protect Consumer Data:
Recognizing the importance of personal data protection, the bill addresses the issue of tech companies using Americans’ data for targeted advertising.

It grants users the right to access and understand when their data is being collected and processed, ensuring transparency and user control over their information.

Senator Graham expressed his commitment to safeguarding American consumers, stating, “I have heard too many stories from families who feel helpless in the face of Big Tech. Stories about children being bullied to the point of committing suicide. Human trafficking. Exploitation of minors. All the while the social media platforms look the other way.”

Bipartisan Consensus:
Senator Warren emphasized that President Joe Biden had previously called for bipartisan legislation to tackle Big Tech’s power and strengthen antitrust enforcement.

This collaboration highlights the shared commitment to promoting fair competition and protecting consumers in the tech industry.

It echoes the President’s State of the Union address, where he urged the passage of bipartisan legislation “to stop Big Tech from collecting personal data on kids and teenagers online, ban targeted advertising to children, and impose stricter limits on the personal data these companies collect.”

Support from the Business Community:
The bill has garnered support from various companies and business organizations, signaling that this issue transcends party lines.

In the past, companies such as Yelp, Sonos, DuckDuckGo, and Spotify urged Congress to support a bill aimed at preventing tech firms from prioritizing their own businesses.

Their collective endorsement of this “moderate and sensible bill” underscores the urgency of addressing the well-documented abuses perpetrated by the largest online platforms.

The introduction of this bipartisan bill represents a significant step toward reining in the unchecked power of big tech platforms and safeguarding consumers’ data.

With both Senators Graham and Warren championing the cause, and support from various business entities, the bill holds the potential to create a level playing field in the tech industry and restore trust in digital platforms.

As this legislation makes its way through Congress, the nation awaits the outcome of this essential effort to protect the rights and security of American citizens in the digital age.

How far these regulations actually get remains to be seen.

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Epoch Times