(Bloomberg) -- The Senate Judiciary Committee on Thursday approved the antitrust bill aimed at Apple Inc., Meta Platforms Inc., Amazon.com Inc. and Alphabet Inc.’s Google, bringing the measure one step closer to consideration by the full Senate.

The bill, S. 2992, sponsored by Senators Amy Klobuchar and Chuck Grassley, would prohibit companies from giving an advantage to their own products on their platforms. Smaller competitors have said these so-called gatekeeper companies use unfair business practices to maintain their dominance.

The affected companies warn that the legislation would hurt U.S. innovation by giving an advantage to foreign competitors, would risk user privacy and security and would damage products enjoyed by consumers.

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