Wednesday's hearing by the Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights follows a recent decision by the Federal Trade Commission to begin a preliminary . Concerns over Google's behavior include the company's ever-expanding business empire, how it deals with competitors, and whether it unfairly penalizes businesses that run afoul of its rules.

"Google is abusing its dominant position in search to stifle competition and capture more control over the flow of information and commerce online," according to FairSearch, a coalition of businesses complaining of Google's use of its market power. "Officials charged with protecting innovation, economic growth, and consumers must step up and enforce existing laws that will prevent Google from further stifling competition on the Internet." FairSearch members include Microsoft, Travelocity, Kayak, Expedia, and Hotwire.

For its part, Google welcomes the opportunity to address concerns about how it operates. "We are actually looking forward to the hearing," Schmidt recently told . "Because what we want is sort of a fast hearing of all of these issues."'

It's unclear if anything will happen as a result of the hearing, but if history is any guide, Schmidt's testimony could be a pivotal moment for Google's antitrust drama. In March 1998, then appeared before the Senate Judiciary Committee to answer similar accusations of monopolistic behavior. By May, the software giant was hit with an antitrust suit, the effects of which . Google will try to avoid a similar fate.