DOJ vs. Big Tech
The U.S. Justice Department submitted a request to Congress to end long standing legal protections and immunity for big tech companies. The DOJ wants major industry players like Facebook and Google to have more responsibility managing content on their sites.
The two goals of the proposal, which has been in the works since June, are to get tech companies to actively address illicit content and more fairly and consistently manage content on their sites.
It is unlikely the legislation will pass in this busy election year, but the proposal is significant because it could be a building block for future legislation and shows Congress’s desire to regulate big tech. Both Democrats and Republicans have expressed a desire to regulate the industry, but the aspects they believe should be changed are very different. Democrats have focused on the spread of false information, while Republicans have focused on bias throughout Silicon Valley.
Even though this is just a proposal and new laws may not be right around the corner, keep an eye on how big tech is discussed throughout this election cycle to see what may happen in the next government.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
