Despite biden bidenoremus Although it looked that the IT industry had a significant impact in the months leading up to President Joe Biden’s inauguration, recent developments and appointments indicate that his administration will be more hostile to business than its predecessors.
In light of Donald Trump’s criticism of Amazon’s “monopoly,” social media platforms’ censorship, and other tech-related issues, many people are confused about Biden’s perspective on Silicon Valley.
The Debate About Biden’s Views on Silicon Valley
There are now two factions about the new president’s views on technology: those who support stricter laws and regulations and others who remain optimistic about a more amicable relationship between the government and Silicon Valley.
On the one hand, those who favour more stringent oversight of significant tech companies like Google, Apple, Facebook, Amazon, and others have cause for hope.
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Many people cite current data privacy legislation in the United States, such as California’s Consumer Protection Act (CCPA), which provide consumers more control over how corporations use their personal data.
Further cited as proof that regulators are prepared to take a harder stance against sector titans accused of engaging in anti-competitive activity are recent antitrust actions filed by the Department of Justice (DoJ) against giant internet companies.
In addition to these rules and litigation, some experts claim that President Biden may impose greater fines for companies that break existing laws or enact new ones.
Others argue that in order to promote competition in each of their respective industries, he should break up large firms like Facebook or Amazon into smaller ones.
More friendly relations between the government and big tech?
While in office, Trump had a rocky relationship with Silicon Valley and regularly claimed that major digital companies like Google and Twitter were biassed against conservatives.
Many believe that President Biden will adopt a more moderate approach to regulating Big Tech in contrast to this plan of action because of his close associations with Californian venture capitalists and his long-standing friendships with executives from important technology companies like Microsoft CEO Satya Nadella.
Many tech executives have praised his appointment as well because they believe that if he is successful in encouraging a more welcoming environment for innovation in the U.S., it may be favourable to their businesses.
Joe Greenstein, co-founder of Flixster, for example, has complimented how Biden may re-energize innovation if he is successful in establishing laws on matters like immigration reform or family leave insurance while concurrently delivering tax advantages for company owners desiring to launch small businesses.
What will happen next?
President Joe Biden’s impact on Silicon Valley is still too early to predict with certainty, but one thing is certain: policymakers on both sides of the political aisle anticipate increased scrutiny when it comes to regulating Big Tech Companies, especially in light of the repercussions of the monopolistic behaviour displayed by big businesses during the administration of Donald Trump.
Only time will tell if these hopes come true under Joe Biden’s leadership, but policymakers should make sure that all stakeholders—from customers to shareholders—are taken into account before making any big changes going forward.
Despite the Biden Presidency, Will Oremus’ OneZero Suggests Tougher Regulation of Technology