Benzinga | May 28, 2021 02:19PM EDT

New Bill To Impose Counterfeit Goods Sale Liability On Amazon, eBay: Bloomberg

* A new U.S. bill will impose higher liability from Amazon.com Inc (NASDAQ:AMZN) and eBay Inc's (NASDAQ:EBAY) e-commerce platforms for the hazardous counterfeit sale of health risk products like exploding Apple Inc (NASDAQ:AAPL) iPhone chargers or defective personal protective equipment by third-party vendors, Bloomberg reports.

* The platforms will have to validate manufacturer identity and permanently ban serial offenders from gaining liability immunity.

* The current law only mandates the online marketplaces to take down listings of the reported brands.

* Republican Representative Darrell Issa sought the broadening of the bill's scope beyond health and safety.

* Price action: EBAY shares traded higher by 2.87% at $61.22, and AMZN shares traded lower by 0.09% at $3,227.55 on the last check Friday.