Facebook critics objections after earnings report
Social networking giant lost nearly $120 billion dollars in market capital in one day; Gillian Turner reports.
The Trumpet administration is quietly meeting with top tech company representatives to craft a proposal to protect web users ‘ privacy in the midst of the ongoing precipitation worldwide of scandals that rocked Facebook and other companies.
In the past month, the Ministry of Commerce has met with representatives of Facebook and Google, along with Internet providers such as AT&T and Comcast, and consumer advocates, sources told the Washington Post.
The purpose of these meetings, which were first reported by Axios, is to come up with a data privacy proposal on the federal level, which could serve as a blueprint for Congress to pass sweeping legislation in the mode of the European Union. Currently, there are no laws that determine how tech companies to collect and monetize users ‘ data.
A total of 22 meetings with more than 80 companies have held on this topic in the past month, according to the National Telecommunications and Information Administration.
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“By the White House and the National Economic Council, the Trump Management is focused on vessels with a consumer, the protection of the privacy policies of the right balance between privacy and prosperity,” Lindsay Walters, the president, the deputy press secretary, told the Washington Post. “We look forward to working with the Congress on a legislative solution in accordance with our overall policy.”
The news comes as Facebook, which on Thursday a loss of $119 billion at market value, after which higher costs and a decline of the European users, it continues to die under the weight of multiple probes into her conduct with respect to fake news and how it responded to the Cambridge Analytica data abuse scandal.
Facebook is one of the companies meeting with Trump officials with regard to a possible new federal law on privacy.
In addition, Facebook CEO Mark Zuckerberg and his colleagues have had to apologize for a series of accidents of the last year with censorship, algorithmic snafus and more.
The European Union began with a mandate in May that technological platforms obtain user consent for the collection of their data and give the consumer a host of new rights to take control of their information. However, Facebook and Google may already be in violation of the General data protection Regulation.
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A proposal of the Chamber of Commerce as seen by the Washington Post asks the Congress to adopt a law which determines member states, so that the local legislators not try to pass their own, more privacy, restrictive laws.
California, who recently released a comprehensive law for the protection of the privacy of consumers online, seems to be a purpose of the Room in with the proposal.
“If [the Trumpet administration] have their version of the privacy bill of rights, and did the necessary legwork to make sure there is a constituency to support it, I think it would be a significant step forward … to motivate Congress to act,” Dean Garfield, the president of the Information Technology Industry Council, which represents tech giants such as Apple, Facebook and Google, told the Post.
Christopher Carbone is a reporter and news editor covering science and technology for FoxNews.com. He can be reached at email@example.com. Follow him on Twitter @christocarbone.