Google Executive Chairman Eric Schmidt said Wednesday that it would be a mistake for Congress to approve Hollywood-backed legislation meant to combat online piracy because it would be ineffective and could fundamentally alter the way the internet works, the Associated Press reports. Companion bills before the House and Senate would allow copyright holders to go to court to compel credit card companies and online advertising companies, including Google, to cut off websites dedicated to distributing pirated material. Prosecutors would be able to get court orders forcing search engines to drop the sites. The House’s Stop Online Piracy Act the Senate’s Protect IP Act are backed by the Motion Picture Association of America, the Recording Industry Association of America and the U.S. Chamber of Commerce, which estimates the cost of online piracy at $135 million a year. Internet giants Google, Yahoo, Facebook have come out against the legislation…
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