President Biden Proposes Whole-of-Government Approach to Regulate Big Tech, Apple Files Legal Challenge to EU's Digital Markets Act

President Biden suggests a whole-of-government approach to regulating Big Tech, with a new Consumer Financial Protection Bureau (CFPB) rule aiming to subject nonbank companies operating consumer payment platforms to the same supervisory examination processes as banks. Apple has filed a legal challenge to the European Commission's Digital Markets Act, contesting decisions taken under the recently-introduced legislation targeting 22 gatekeeper services, including Apple's App Store.