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Amazon, Apple, Facebook And Google CEOs To Testify Before Congress Today

(RTTNews) - The top executives of four of the biggest tech giants are scheduled to testify before the U.S. Congress on Wednesday.

The House Judiciary Committee is investigating allegations that the four tech companies have unfairly stifled competition in digital markets, made too many acquisitions, and harmed consumers.

The chief executives of Apple Inc., Amazon.com, Facebook Inc. and Google will testify remotely before a House antitrust panel today. This would mark the first time the four executives testified together in front of Congress.

The executives' Congressional testimony is part of the House Judiciary Committee's investigation into the four tech companies that was announced in June 2019 and marks a final step before completing the investigation.

The four chief executives plan to defend their companies as success stories with healthy competition, helping consumers.

According to prepared remarks by the CEOs ahead of their congressional testimony, Facebook CEO Mark Zuckerberg said that his company would not have succeeded without U.S. laws that encourage competition and innovation.

Zuckerberg added that he has called for a more active role for governments and regulators as well as updated rules for the internet so as to address concerns about the power and size of technology companies.

Amazon CEO Jeff Bezos noted that the success of the retail giant may help explain the wide proliferation of marketplaces of all types and sizes around the world, including U.S. companies like Walmart, eBay, Etsy, and Target, as well as retailers based overseas such as Alibaba and Rakuten.

Bezos also noted that Amazon was able to grow and thrive because it was born in the U.S. However, he added that Amazon should be scrutinized like all large institutions.

Google CEO Sundar Pichai said his company operates in highly competitive and dynamic global markets, in which prices are free or falling, and products are constantly improving.

Pichai noted that consumers have benefited from lower ad prices. Competition in ads from Twitter, Instagram, Pinterest, Comcast and others has helped to lower online ad costs by 40 percent over the last ten years and these savings were passed down to consumers through lower prices, he said.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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