The House Judiciary Committee is opening a broad investigation into competition in Silicon Valley, where firms that American consumers use on a daily, and sometimes hourly, basis have faced growing complaints of muscling out competitors.

The probe will include a series of hearings called by the Judiciary Committee's antitrust panel, led by Rep. David Cicilline, D-R.I., as well as information requests to companies and others. Coming as lawmakers on both sides of the aisle scrutinize companies from Facebook to Google and Amazon, it risks "harmful unintended consequences" to a vital engine of the U.S. economy if not handled properly, industry leaders warn.

Already, Democratic presidential contenders are suggesting some firms should be broken up while President Trump and congressional Republicans accuse internet platforms of using their market power to quell conservative viewpoints.

"The growth of monopoly power across our economy is one of the most pressing economic and political challenges we face today," said Cicilline, whose committee plans to document competitive challenges, review whether dominant digital firms are engaging in monopolistic behavior, and determine whether existing antitrust laws and regulations are sufficient.

"Market power in digital markets presents a whole new set of dangers," he said. "After four decades of weak antitrust enforcement and judicial hostility to antitrust cases, it is vital for Congress to step in."

The investigation marks the latest escalation in complaints about Silicon Valley standouts, a trend likely to gain momentum as the 2020 presidential election heats up. Sen. Elizabeth Warren, a Massachusetts Democrat and a leading presidential contender, has called for splitting up companies including Amazon and Apple, the Supreme Court recently allowed an antitrust lawsuit against the iPhone maker to go forward and the Justice Department is reportedly planning an investigation of Google.

"Antitrust investigations are difficult to predict," Justin Post, an analyst with Charlotte, N.C.-based Bank of America, said in a report on the Google case. "If the Department of Justice moves ahead, an investigation would likely embolden critics of Facebook, Amazon, and other tech giants as well, causing rhetoric to heat up."

As policymakers review digital competition, it's critical to avoid mistakes "that could hurt the American economy, stifle American companies' ability to innovate and cede U.S. technological leadership." said Jason Oxman, president of the Information Technology Industry Council, a trade group representing the world's wealthiest tech companies.

"The entrepreneurs that make up the tech industry are constantly innovating to promote the well-being of their customers and maintain the ability to create the technologies that individuals, businesses and governments demand," he added.

NetChoice, a group of e-commerce businesses, argues the House probe may be an overreach by Democrats who regained a majority in the House of Representatives during November's midterm elections.

They're "out of touch with their constituents, as less than 5% of Americans say antitrust enforcement should be most focused on tech," Carl Szabo, the organization's vice president and general counsel, told the Washington Examiner. "It is clear that this political move will backfire at the polls. This probe is not about competition in the marketplace, but an attempt to scare platforms away from hosting content unflattering to Democrats."