We have received text from S. 4746: American Innovation and Choice Online Act. This bill was received on 2026-06-10, and currently has 5 cosponsors.

Here is a short summary of the bill:

This bill would make certain business practices by very large online platforms illegal if those practices are found to unfairly hurt competition. It is aimed at “systemically important platforms,” meaning major online services controlled by companies with very large revenues and very large U.S. user bases.

What platforms would be covered

The bill applies to online platforms such as websites, apps, operating systems, digital assistants, and online services that let users share content, buy or sell products or services, or search for information. To qualify, the platform must be controlled by a company with average annual gross revenues of at least $175 billion, and must have enough U.S. users or subscriber households to meet a 34% threshold. The Federal Trade Commission (FTC) would update the revenue threshold over time based on economic growth.

Practices the bill would prohibit

For covered platforms, the bill would ban several types of conduct when they materially harm competition:

• Preferencing the platform’s own products or services over those of third-party business users.
• Limiting rivals’ ability to compete on the platform compared with the platform operator’s own offerings.
• Applying rules unevenly to similarly situated business users in a discriminatory way.
• Blocking or delaying access to platform features that are available to the platform operator’s own competing products or services.
• Conditioning access or preferred placement on buying or using other products or services from the platform operator.
• Using nonpublic data from business users or users to help the platform operator compete against those business users.
• Restricting business users from accessing or moving their own data off the platform.
• Preventing users from changing default settings that steer them toward the platform operator’s own products or services, unless needed for security, platform function, or to prevent transfer of data to certain foreign adversaries.
• Favoring the platform operator’s own content or services in search results, rankings, or other presentation features unless the standards are neutral and fairly applied.
• Retaliating against users or business users who report possible legal violations to law enforcement.

Exceptions and defenses

The bill would allow a platform to defend its conduct if it can show, with clear and convincing evidence, that the conduct was necessary to comply with the law, protect safety, privacy, platform security, cybersecurity, or prevent fraud or spam, and that it was applied consistently, narrowly tailored, and not a less competitive option could have achieved the same result.

There is also a defense if the company can show the conduct did not materially harm and would not materially harm competition.

The bill also says it should not be read to force a platform to give away intellectual property, ignore copyright or trademark rights, share data with sanctioned or risky entities, or be liable simply for offering encrypted messaging or paid subscription benefits.

Enforcement

The FTC, the Department of Justice, and state attorneys general could enforce the law in federal court. The bill would allow civil penalties of between 1% and 10% of the violator’s total U.S. revenue during the violation period. Courts could also order injunctions or other equitable relief. For repeated patterns of violations, the court could consider requiring certain corporate officers to forfeit compensation.

Cases would be handled on an expedited schedule, with a goal of final judgment within one year. The bill also speeds up court handling of investigative demands.

Other provisions

The bill says it does not limit existing antitrust authority, constitutional rights, or other laws. It would take effect one year after enactment.

Relevant Companies

• AAPL — Apple could be affected because the bill targets large platforms and operating systems, including rules around defaults, app distribution, access to platform features, and self-preferencing.
• GOOGL — Alphabet could be affected through Google Search, Android, app distribution, ad-related platform conduct, ranking, and data-use restrictions.
• AMZN — Amazon could be affected through its online marketplace, product ranking, seller access, use of seller data, and treatment of its own retail offerings versus third-party sellers.
• META — Meta could be affected through social and messaging platforms, user defaults, ranking/presentation, and data restrictions involving business users on its platforms.
• MSFT — Microsoft could be affected if parts of its operating systems, app ecosystems, cloud-adjacent platforms, or online services meet the bill’s coverage thresholds.

Senator Chuck Grassley Bill Proposals

Here are some bills which have recently been proposed by Senator Chuck Grassley:

• S.4746: A bill to provide that certain discriminatory conduct by covered platforms shall be unlawful, and for other purposes.
• S.4712: Intelligence Community Inspector General Parity Act of 2026
• S.4639: IRS Whistleblower Program Improvement Act
• S.4556: Informed Foster Youth Act of 2026
• S.4460: Rural Community Hospital Demonstration Program Reauthorization
• S.4415: TEACH Improvement Act of 2026

You can track bills proposed by Senator Chuck Grassley on Quiver Quantitative's politician page for Grassley.

Senator Chuck Grassley Net Worth

Quiver Quantitative estimates that Senator Chuck Grassley is worth $6.2M, as of June 24th, 2026. This is the 151st highest net worth in Congress, per our live estimates.

Grassley has approximately $79.5K invested in publicly traded assets which Quiver is able to track live.

You can track Senator Chuck Grassley's net worth on Quiver Quantitative's politician page for Grassley.

2028 Iowa US Senate Election

There has been approximately $34,309,559 of spending in Iowa US Senate elections over the last two years, per our estimates.

Approximately $13,924,985 of this has been from outside spending by PACs and Super PACs. Some of the groups who are spending money in this race include:

• VOTEVETS ($10,625,745)
• AMERICANS FOR PROSPERITY ACTION, INC. (AFP ACTION) DBA CVA ACTION AND DBA LIBRE ACTION ($1,664,529)
• SLF PAC ($627,989)
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• CLEARPATH ACTION FUND, INC. ($215,921)

The rating for this race is currently "Lean R".

You can track this election on our matchup page for the 2028 Iowa US Senate election.

This article is not financial advice. See Quiver Quantitative's disclaimers for more information.

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