US Senators Democrat Amy Klobuchar and Republican Tom Cotton introduced Friday the Platform Competition and Opportunity Act to rein in anti-competitive acquisitions by big tech companies, adding to a series of bills this year aiming to regulate various aspects of the sector.

The proposed bill makes it illegal for a “covered platform operator” to acquire directly or indirectly the stock (wholly or partly), other share capital or assets of another person engaged in commerce or in any activity affecting commerce unless it demonstrates that the acquired assets or the issuer of the acquired stock do not:

1. Compete with or constitute potential competition to the platform or platform operator for selling or providing any product or service,

2. Enhance or increase the platform’s or platform operator’s market position with respect to the sale or provision of any product or service offered on or directly related to it. They must also not enhance or increase the platform’s or platform operator’s ability to maintain such market position.

A “covered platform” is an online platform that is so designated under Section 4(a) of the bill or which is owned or controlled by a person with net annual sales of $600 billion in the prior calendar year or with a market capitalization of greater than $600 billion. It also includes critical trading partners for the sale or provision of any product or service offered on or directly related to the online platform.

Senator Amy Klobuchar, who also heads the Senate Judiciary Committee’s antitrust panel, explained the objective of the bill:

This bipartisan legislation will put an end to those anticompetitive acquisitions by making it more difficult for dominant digital platforms to eliminate their competitors and enhance the platform’s market power.

A similar bill introduced by House Representative Hakeem Jeffries in June awaits a full vote after being approved by the Judiciary Committee of the House.