A House panel proposed to limit the power and influence of the tech giants including Amazon, Facebook, Alphabet, and Apple.
The recommendations from the House antitrust subcommittee could lead to the breakup of tech companies if approved by Congress.
The 449-page report found the tech giants abused their power to stifle competition, leading to fewer choices for consumers and higher costs.
“To put it simply, companies that once were scrappy, underdog startups that challenged the status quo have become the kinds of monopolies we last saw in the era of oil barons and railroad tycoons,” Rep. David Cicilline, D-R.I., chairman of the House Judiciary Antitrust, Commercial and Administrative Law Subcommittee, said in a statement accompanying the report. “Although these firms have delivered clear benefits to society, the dominance of Amazon, Apple, Facebook, and Google has come at a price.”
Jim Cramer has said before that he doesn't believe that these companies are monopolies. Does he maintain that thought?
Watch the video above for Cramer's thoughts.
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