Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Republican senator says Facebook scandals may be 'too big' for company to fix alone

Published 04/08/2018, 12:01 PM
Updated 04/08/2018, 12:10 PM
© Reuters. Senator John Kennedy (R-LA) speaks to reporters after a vote to end a government shutdown on Capitol Hill in Washington
META
-

By Dustin Volz

WASHINGTON (Reuters) - A Republican U.S. senator warned on Sunday that Facebook Inc (NASDAQ:FB) may need to be regulated to address concerns about the company's privacy and foreign propaganda scandals, saying they may be "too big" for the social media company to solve alone.

"My biggest worry with all this is that the privacy issue and what I call the propagandist issue are both too big for Facebook to fix, and that's the frightening part," Senator John Kennedy said on CBS's Face the Nation.

Asked if lawmakers need to seek regulations on Facebook, Kennedy replied: "It may be the case."

Facebook Chief Executive Mark Zuckerberg will appear before the U.S. Senate Commerce and Judiciary Committees Tuesday to address questions about how his company handles its users' data.

While some Democrats have suggested laws may be required to police Facebook's data privacy practices or limit foreign interference on its platform, Kennedy's openness is significant because Republicans generally support free-market principles and are loath to regulate U.S. companies.

Kennedy, a member of the Senate Judiciary Committee, said he wanted to ask Zuckerberg on Tuesday if Facebook had the ability to know the identities of the hundreds of thousands of entities that purchase ads on its site.

"I don't want to hurt Facebook. I don't want to regulate them half to death," Kennedy said. "But we have a problem. Our promised digital utopia has minefields in it."

Facebook on Friday endorsed legislation known as the Honest Ads Act, which is aimed at countering concerns about foreign nationals using social media to influence American politics.

The legislation would expand existing election law covering television and radio outlets to apply to paid internet and digital advertisements.

The legislation, introduced last October but not yet passed, is aimed at countering concerns about foreign nationals using social media to influence American politics, which is part of the investigation into possible Russian meddling during the 2016 U.S. presidential campaign. Russia denies involvement.

© Reuters. Senator John Kennedy (R-LA) speaks to reporters after a vote to end a government shutdown on Capitol Hill in Washington

Under the act, digital platforms with at least 50 million monthly views would need to maintain a public file of all electioneering communications purchased by anyone spending more than $500.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.