Senator Elizabeth Warren (D-MA) has teamed up with Sen. Lindsey Graham (R-SC) on legislation that would create a new federal agency tasked with regulating Big Tech companies.

The Digital Consumer Protection Commission Act, which the duo unveiled in July, would give the new agency to regulate companies like Meta, Google, Amazon and Apple to protect consumer privacy and promote competition within the industry.

Crucially, it would also require "dominant platforms" to be licensed in order to operate, and includes a mechanism for those licenses to be revoked for repeated anti-consumer or anti-competitive conduct violations.

Finally, it would give the new agency the power to regulate emergency risks like the use of artificial intelligence by Big Tech companies.

“Enough is enough. It’s time to rein in Big Tech. And we can’t do it with a law that only nibbles around the edges of the problem,” the senators wrote in a joint op-ed published in The New York Times.

“Piecemeal efforts to stop abusive and dangerous practices have failed. Congress is too slow, it lacks the tech expertise, and the army of Big Tech lobbyists can pick off individual efforts easier than shooting fish in a barrel. Meaningful change — the change worth engaging every member of Congress to fight for — is structural,” the senators added.