FTC to create task force to monitor 'big tech' mergers

With pressure for more oversight on big tech companies, the Federal Trade Commission will assemble a task force responsible for monitoring and investigating anticompetitive conduct, according to Reuters.

"It makes sense for us to closely examine technology markets to ensure consumers benefit from free and fair competition," FTC Chairman Joe Simons said in a statement to Reuters.

Around 17 staff attorneys will form the task force. Members will consult on merger review, investigations and reviews of consummated deals for big tech companies, such as Google and Facebook.  

Facebook has previously been in the FTC spotlight. The social network giant is under investigation by the FTC for allegedly violating a 2011 consent decree. Facebook is accused of putting the personal information of 87 million users in Cambridge Analytica's, a U.K. political consulting firm, hands.

With the introduction of the task force, Facebook's shares saw modest gains, closing down around 0.3 percent at $164.13.

Advocacy groups have expressed support over the task force.

"A robust, competitive environment allows small businesses to fully participate in this economy, with new opportunities emerging at a rapid pace," App Association President Morgan Reed said in a statement to Reuters. The App Association represents various app makers.

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