The US and EU have begun to take steps towards reforming tech policy. In the US, five legislative proposals have been introduced in Congress aimed at curbing power and corporate consolidation in the industry. In Europe, the European Commission announced two new laws—the Digital Services Act and the Digital Markets Act. In his second State of the Union address President Biden asked for more regulations on Big Tech.
The European Commission’s Digital Services Act (DSA) and Digital Markets Act (DMA) are a significant step in the right direction. The DSA, which applies to platforms with more than 45 million users, sets out obligations for these platforms to reveal information and data to regulators about how their algorithms work, how decisions are made to remove content, and how adverts are targeted at users. The DMA is aimed at providing smaller companies greater ability to compete with big tech platforms by introducing fines of up to 10% of annual global turnover for platforms that fail to remove illegal content. In addition, repeat violations of this law could lead to big tech companies being broken up.
The formation of the EU-US Trade and Technology Council (TTC) is another attempt by both the US and EU to strengthen their efforts in improving online information ecosystems. This council serves as a platform for resolving issues related to informational manipulation, digital hate, influence operations and other content-related problems online. With the increasing scrutiny on big tech companies from both sides of the Atlantic, the TTC will be an important platform for US and EU officials to make sure their respective efforts are aligned.
The Need for an International Framework
While it is positive that the US and EU are taking steps towards regulating Big Tech, it is important to note that there is no single international framework yet. This means that some companies may only have to comply with regulations in certain countries or regions, while other companies may have to comply with multiple regulations depending on where they operate. This can lead to an uneven playing field between companies and create a situation where tech giants can gain an unfair advantage.
In order to prevent this from happening, there needs to be an international framework that all countries can agree on and adhere to. This would ensure that all companies are held accountable for their data practices and anticompetitive behavior regardless of where they operate. In addition, such a framework would provide smaller companies with more opportunities to compete on an even footing with Big Tech giants.
Conclusion
The growing concern over Big Tech dominance has been addressed by both the US and EU in recent months. With the introduction of the DSA and DMA in Europe and legislative proposals in the US, it is clear that there is an increased focus on holding big tech companies accountable for data practices and anticompetitive behavior. The formation of the TTC provides a platform for US and EU officials to make sure their respective efforts are aligned.
However, it is important to note that while these developments are positive, there is still no international framework in place that could ensure all tech companies are held accountable regardless of where they operate. The need for such a framework has become increasingly apparent as Big Tech continues to dominate the global market. It is essential that policymakers come together in order to create a framework that can effectively tackle the growing concerns of Big Tech dominance.
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