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Home / Business / Congress leaders have drafted a bill that would ban Big Tech from launching a digital resource

Congress leaders have drafted a bill that would ban Big Tech from launching a digital resource



A draft discussion bill entitled "Keep Big Technical Out of the Finance Law" has arisen in front of Facebook's slated congressional hearing this week.

The bill aims to prevent tech colossuses from becoming financial institutions. It also seeks to prohibit these companies from "establishing, maintaining or operating a digital resource intended to be widely used as a means of exchange, billing, value creation" as defined by the Fed's governing body.

According to the draft, any technology company with an annual global income of over $ 25 billion and mainly engaged in providing public public marketplaces, exchanges or platforms for connecting third parties will fall under the prohibition. These companies will be subject to a daily $ 1

million fine for violating both parts of the bill.

A source familiar with the matter told The Block that the draft draft is being floated by the Staff Financial Committee.


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