Tech giants outspend banks in US lobbying

It won’t shock you to hear that tech companies are trying to cozy up to politicians, but they may have more influence than you think. Bloomberg has determined that the five largest tech firms in the US (Amazon, Apple, Facebook, Google and Microsoft) spent more than twice as much on lobbying in 2015 as the five largest banks — $49 million versus $19.7 million. Facebook and Google argue that the money is necessary to both explain their operations and defend an open internet, but there are mounting concerns that they may have too much sway.

For instance, New America Foundation’s Barry Lynn warns that these companies are terrified of “competition policy” that could restrict their businesses, such as a repeat of the federal anti-monopoly case against Microsoft. Google may not have dismissed the FTC’s antitrust probe due to lobbying, but there is a concern that companies could have officials look the other way. And it’s safe to say that they’re not fond of measure that would force them to repatriate cash stored overseas and pay taxes.

At the same time, it may be difficult for the feds to completely reject tech industry overtures. The government needs to cooperate closely with these companies for everything from fighting terrorist propaganda to modernizing data. The future administration will likely have to walk a fine line between listening to what tech has to say and preventing it from dictating policies that hurt both your market choices and the country’s bottom line.

Source: Bloomberg

Source: Engadget - Read the full article here

Author: Daily Tech Whip

This article is part of our 'News Tiles' service. The site is currently in Beta. When it is fully operational you will be able to search through and arrange the 'Tiles' to display a keyword, product or technology over your chosen time period. For example you would be able to display all of the leading tech articles on the new Kindle Fire, in one spot in real time. You will also have access to our own original reporting and analysis as well as a polished place to post your own thoughts & reviews here, amongst the Daily Tech Whip Community. Please let us know if you have any feedback via the contact form or via Twitter. Don't forget to come back next week and see our full site and claim your name and your own free tech blog.

Share This Post On