AMZN Amazon.com Inc

By Ryan Tracy 

WASHINGTON -- Lawmakers raised concerns about the market dominance of giant U.S. technology companies at the outset of a hearing with four top tech CEOs, though Democrats appeared more inclined than Republicans to support government action to curb their power.

Amazon.com Inc.'s Jeff Bezos, Apple Inc.'s Tim Cook, Facebook Inc.'s Mark Zuckerberg and Sundar Pichai, CEO of Google parent Alphabet Inc. are testifying before the House Antitrust Subcommittee Wednesday. The hearing comes with the companies under investigation by antitrust authorities in the U.S. and elsewhere while also experiencing sky-high valuations amid the coronavirus pandemic.

(Read analysis of the hearings on our live-coverage page).

"Simply put: They have too much power," Rep. David Cicilline (D., R.I.), the subcommittee chairman, said of the companies in a statement opening the hearing. "Their ability to dictate terms, call the shots, upend entire sectors, and inspire fear represent the powers of a private government. Our founders would not bow before a king. Nor should we bow before the emperors of the online economy."

"I share the concern that market dominance in the digital space is ripe for abuse, particularly when it comes to free speech," said Rep. James Sensenbrenner (R., Wisc.), the committee's top Republican, alluding to long-held concerns among conservatives that social media companies treat them differently from liberals.

He said Congress needs more information about allegations that the companies abuse their market power, and suggested Republicans would be more skeptical of a crackdown by antitrust authorities: "Being big is not inherently bad. Quite the opposite. In America you should be rewarded for success."

President Trump also weighed in on the topic Wednesday, tweeting "If Congress doesn't bring fairness to Big Tech, which they should have done years ago, I will do it myself with Executive Orders."

The CEOs, in written statements before the hearing, said they face stiff competition that motivates them to keep improving their widely used products.

Write to Ryan Tracy at ryan.tracy@wsj.com

(END) Dow Jones Newswires

July 29, 2020 14:04 ET (18:04 GMT)

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