House lawmakers roll out bills to rein in Big Tech as conservatives warn of too much federal control

House lawmakers on Friday introduced a slew of antitrust bills that they say aim to rein in the power and reach of Big Tech companies, but some conservatives are warning that the legislation would give the federal government too much control over the tech sector, while others are concerned the proposals would adversely effect the broader economy and U.S. competitiveness.

"Right now, unregulated tech monopolies have too much power over our economy. They are in a unique position to pick winners and losers, destroy small businesses, raise prices on consumers and put folks out of work," Rep. David Cicilline, D-R.I., the chairman of the House Antitrust Subcommittee told the Wall Street Journal Friday. "Our agenda will level the playing field and ensure the wealthiest, most powerful tech monopolies play by the same rules as the rest of us." U.S. antitrust laws haven’t been updated significantly in almost 100 years, according to Buck's office. In general, the bills would seek to have the Justice Department or the Federal Trade Commission assign "covered platforms" to include companies with at least 500,000 users in the U.S. and with $600 billion in revenue. Once designated, those companies considered "covered platforms" would have regulations imposed on mergers, data and general company practices.