Congressman David Cicilline on Why We Need a Glass-Steagall Act for the Internet

In 1932, Senator Carter Glass and Congressman Henry Steagall joined forces to pass a new banking law that divided investment from commercial banking. They argued there was an inherent conflict of interest in banks performing both activities and that it was harmful to consumers. As we move into the digital world, there are firms that perform a number of different business functions and there are questions whether this hurts consumers and creates unfair advantages for particular firms.

Over the past year, the House Antitrust Committee has held a series of hearings and heard complaints from businesses about unfair practices by large internet platforms. In a recent hearing with CEOs of Amazon, Apple, Facebook, and Google, subcommittee chair David Cicilline outlined a number of abuses.

Now the subcommittee is finalizing its report, and Congressman Cicilline sat down with Brookings Vice President Darrell West for a candid conversation about problems in the digital economy and why America needs Glass-Steagall legislation for the internet. He explains why large internet platforms have unfair advantages and harm small and medium-sized businesses. He says it is time for Congress to enact new rules of the road for the digital economy.

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