Two U.S. lawmakers have an idea for reining in Big Tech: get someone else to do it. Silicon Valley is indeed posing novel challenges. A tech-focused super-regulator would be a great way to fail to fix these problems: BenWinck
U.S. Senator Elizabeth Warren listens during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., April 18, 2023.
WASHINGTON, July 27 - Two U.S. lawmakers have an idea for reining in Big Tech: get someone else to do it. Democratic Senator Elizabeth Warren and her Republican peer Lindsay Grahama new commission for policing technology firms on Thursday. Silicon Valley is indeed posing novel challenges, from privacy to mental health. A tech-focused super-regulator would be a great way to fail to fix these problems.
True, the goals that inspired the Digital Consumer Protection Commission Act, which was introduced to the Senate for consideration on Thursday, are noble. They include protecting young users of social media, and countering anticompetitive behavior. Yet there are already agencies that do some of that. The Department of Justice and the Federal Trade Commissionabuse of dominance by big firms, and problematic mergers.
The other big problem with Warren and Graham’s idea is that new agencies can become political footballs. The Consumer Financial Protection Bureau, also conceived by Warren and described as a “” for shoppers, returned $10.3 billion to Americans during former President Barack Obama’s second term, according to the agency’s website. But policing was far more lenient under former President Donald Trump, just $2.3 billion recovered for consumers in his first term.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Warren and Graham team up to propose agency to rein in and regulate Big TechSen. LindseyGrahamSC & SenWarren, two of Big Tech's leading Democratic and Republican critics in the Senate, are proposing the creation of an agency to regulate and license Big Tech.
Baca lebih lajut »
Morning Bid: China hopes, U.S. big tech fire up marketsA look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.
Baca lebih lajut »
Futures slip as Big Tech results roll in; Fed in focusWall Street futures crept lower on Wednesday as investors assessed earnings from Microsoft and Alphabet ahead of a widely expected Federal Reserve rate hike that could push borrowing costs to their highest since the global financial crisis.
Baca lebih lajut »
Stocks fall as traders await Fed decision, digest Big Tech earnings: Live updatesInvestors are awaiting the latest interest rate decision and subsequent press conference.
Baca lebih lajut »
U.S. stocks open lower as investors assess Big Tech earnings, await Fed’s interest-rate decisionsU.S. stock indexes opened lower on Wednesday morning as investors digested mixed earnings from Microsoft and Alphabet ahead of a Federal Reserve...
Baca lebih lajut »
Big Tech under pressure as Microsoft results put AI costs in spotlightA number of U.S. big tech companies fell on Wednesday as Microsoft's results signaled how the high-stakes battle for AI supremacy will cost the tech giants that have seen their shares rally in recent months on hype around the technology.
Baca lebih lajut »