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Illustration: Sarah Grillo/Axios

Google says the House's new antitrust bills would hurt U.S. tech leadership, "damage the way small businesses connect with consumers, and raise serious privacy and security concerns," in a statement shared exclusively with Axios.

Driving the news: The House Judiciary committee plans to mark up the new package of antitrust bills Wednesday. Their provisions would have wide-ranging consequences for how Google, Facebook, Apple and Amazon operate.

What they're saying:

"We are not opposed to antitrust scrutiny or updated regulations on specific issues. But American consumers and small businesses would be shocked at how these bills would break many of their favorite services.
As many groups and companies have observed, the bills would require us to degrade our services and prevent us from offering important features used by hundreds of millions of Americans."
— Mark Isakowitz, Google vice president of government affairs and public policy

A letter from 13 industry groups to lawmakers similarly urged the committee to slow its consideration of the bills.

Go deeper

Ina Fried, author of Login
Sep 21, 2021 - Technology

Google-backed report hits Microsoft dominance

Photo: Halil Sagirkaya / Anadolu Agency

Microsoft's 85% share of the productivity business within the U.S. government market is part of a harmful "monoculture" that stifles innovation, according to a new report commissioned by Google and the Computer & Communications Industry Association.

Between the lines: The report is the latest example of Google and Microsoft going after one another since the companies scrapped a pact to avoid direct attacks.

Instagram pauses development of platform for kids

Photo: Lorenzo Di Cola/NurPhoto via Getty Images

Instagram announced Monday that it is pausing its plans to develop a version of its platform for children under 13.

Why it matters: Facebook has received backlash since the Wall Street Journal published a report that showed the company knew its Instagram app is harmful for teenagers.

Stock buybacks boom as corporate cash piles grow

The Delta variant is keeping more companies cautious about how to invest the mountains of cash they have at their disposal. That hesitancy has led, in part, to corporate spending on stock buybacks outpacing capital expenditures this year. 

Why it matters: Companies hoarded cash and raised prices over the past year — leaving them with a lot of money and decisions about what to do with it.

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