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5 a.m.: CEOs release their opening remarks, here is what is expected today

Lawmakers have said Wednesday's hearing will be a part of the House Judiciary Antitrust Subcommittee's ongoing, year-long investigation into competition in the digital market.

\"Given the central role these corporations play in the lives of the American people, it is critical that their CEOs are forthcoming,\" House Judiciary Committee Chairman Jerrold Nadler, D-N.Y., and Antitrust Subcommittee Chairman David Cicilline, D-R.I., said in a joint statement earlier this month announcing the hearing.

\"As we have said from the start, their testimony is essential for us to complete this investigation,\" the statement added.

The subcommittee has been investigating the industry dominance of a small number of digital platforms and the \"adequacy of existing antitrust laws and enforcement\" since last June, Nadler and Cicilline said.

Notably, this will be the first time Amazon's CEO Bezos -- the richest man in the world according to Forbes' realtime data on billionaires -- will be in the hot seat testifying before Congress. Amazon has also been at the fore of the subcommittee's investigation. Lawmakers are expected to ask about, among other things, reports that Amazon used sensitive business information from third-party sellers on its platforms, according to a statement.

Apple's App Store has also been the subject of antitrust scrutiny, and last month officials in the European Union officially launched an investigation on whether the distribution of apps on its store potentially violate EU competition rules.

\"PHOTO:
Pablo Martinez Monsivais Evan Vu/AP
PHOTO: Amazon CEO Jeff Bezos, Apple CEO Tim Cook, Google CEO Sundar Pichai and Facebook CEO Mark Zuckerberg.
>

Facebook's power and reach has been the subject of multiple past congressional hearings, and many of the key points raised in the past will likely come up again especially as the 2020 presidential election nears and the social media giant has pledged it won't make the same mistakes it did in 2016.

\"PHOTO:
Damien Meyer/AFP via Getty Images, File
PHOTO: In this file photograph taken on Sept. 28, 2017, shows a smartphone being operated in front of GAFA logos (acronym for Google, Apple, Facebook and Amazon web giants) as background in Hede-Bazouges, western France.
>

Google's dominance in the online advertising world is also expected to come up, amid mounting media reports that a Department of Justice antitrust suit against Google over its ad businesses could be forthcoming.

The hearing, which will be livestreamed, is scheduled to start at noon and the guests are expected to appear virtually as a result of the coronavirus pandemic.

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