US Lawmakers Demand EU Clarify Big Tech Regulations That 'May Target American Companies'
U.S. House Judiciary Chair Jim Jordan (R-OH) on Sunday asked EU antitrust chief Teresa Ribera to clarify enforcement of the European Union’s regulations on Big Tech. Jordan also claimed the rules seem to target U.S. companies and give European companies an advantage.
The Details: A letter sent by Jordan and Rep. Scott Fitzgerald (R-WI), chairman of the subcommittee on the administrative state, regulatory reform and antitrust, criticized the EU's Digital Markets Act which aims to regulate tech giants like Microsoft Corp. (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), Alphabet, Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Meta Platforms, Inc. (NASDAQ:META).
Jordan and Fitzgerald wrote in the letter seen by Reuters that the DMA regulations are burdensome to U.S.-based tech companies and give European companies an unfair advantage.
“We write to express our concerns that the DMA may target American companies,” Jordan and Fitzgerald stated.
The letter also criticized fines for DMA violations of up to 10% of global annual revenues.
“These severe fines appear to have two goals: to compel businesses to follow European standards worldwide, and as a European tax on American companies,” Jordan and Fitzgerald said.
The congressmen urged Ribera to brief the House judiciary committee by March 10.
What Else: The move comes just two days after President Donald Trump signed a memorandum on Friday aimed at defending American companies from what he termed “overseas extortion.”
The memo stated that U.S. “dominance is driven by cutting-edge American tech companies” and that foreign governments have taxed the success of US companies while having “failed to cultivate the economic success of their own.”
Tech CEOs, including Meta’s Mark Zuckerberg, have spoken out against the EU antitrust regulations more forcefully since Trump has taken office.
Zuckerberg recently appeared on “The Joe Rogan Experience” podcast, where he characterized the past “10 years” of EU regulatory measures as “censorship” and said “the U.S. government has a role in basically defending [the U.S. tech industry] abroad.”
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