“The platform-utilities approach, by contrast, suggests Congress take a different path. In banking, radio, airlines, maritime shipping and power, federal regulators had to give approval, via a license or charter, to a company before it could operate one of these utility-services in the United States. That approval was conditional on meeting congressionally set regulatory standards that apply across the whole sector. Clear rules on restricting foreign influence reduce the need to come up with complicated compliance plans or monitoring programs. They create a level playing field for businesses, so firms do not have to worry about being singled out for regulation.
For generations, this approach traveled alongside antitrust law. Antitrust generally focuses on competitive markets; the platform-utilities approach recognizes that some markets might not be very competitive, and preventing the abuse of corporate power, therefore, requires regulation. Indeed, both approaches emerged at the federal level at almost the same time. The Sherman Antitrust Act was passed in 1890, only a few years after the Interstate Commerce Act of 1887, which took a platform-utilities approach to regulating the railroads.
In the late 20th century, both fields went through revolutions. Antitrust became dominated by an approach that focused on consumer welfare and efficiency. Deregulatory advocates passed laws abandoning the platform-utilities approach in rail, airlines, maritime shipping, telecommunications and banking. Today, antitrust is in the midst of a renaissance, with policymakers on left and right supporting more aggressive enforcement of competition laws. The platform-utilities approach deserves the same reinvigoration, because it offers useful strategies for addressing current policy challenges.
If lawmakers want to take a lesson from the long American tradition of regulated capitalism, they should advance comprehensive legislation to regulate tech platforms more like public utilities. Such legislation should include restrictions on foreign ownership and control, which could apply to all tech platforms from adversarial countries. Comprehensive legislation should also include sectoral standards that apply to U.S. firms as well — standards not just on data collection, surveillance and privacy, but also against anti-competitive behavior.
Just like radio a century ago, tech platforms are a modern utility, essential for commerce and communication. We should start treating them that way.”
https://www.politico.com/news/magazine/2023/06/18/a-simple-way-to-regulate-tiktok-00101323