European Union Executive Vice President Margrethe Vestager said she thinks the future of U.S. and EU alignment on competition enforcement looks bright, The Wall Street Journal (WSJ) reported.
Vestager said she thinks there is likely to be “much more intense work when it comes to technology and the digitized market,” per WSJ.
Her statements were based on the assessment that U.S. President Joe Biden has communicated via his policy statements and appointments, along with Congressional proposals, that the U.S. will be moving toward a more critical view of Big Tech, pharmaceutical firms and other industries that have had less competition as of late, according to WSJ.
“The U.S. should be wary of copying EU-style experimental regulation,” said Christian Borggreen, vice president and head of the Brussels office at the Computer and Communications Industry Association, which represents companies including Amazon, Facebook and Google, WSJ reported. “As a leader in tech innovation, the U.S. would have much more to lose if they get it wrong.”
The new alignment of the two entities should make the companies targeted by their regulatory aims take note. These companies will likely have to make new broader, cross-Atlantic strategies, according to WSJ.
Biden’s appointments have included Lina Khan to run the Federal Trade Commission (FTC) and Tim Wu to the National Economic Council. Both leaders are progressives, and the appointments show that Biden likely plans to continue increasing pressure on the internet companies, WSJ reported. This comes as a change from past presidents, even Democrats like former President Barack Obama, who was critical of EU efforts to rein in Big Tech.
In related news, Sen. Chuck Grassley of Iowa is working with Sen. Amy Klobuchar of Minnesota on a new bill to hit back against tech giants discriminating against smaller rivals. Critics claim such measures would “destroy” products that customers enjoy.