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Big tech under the spotlight on Capitol Hill



Silicon Valley will have a large presence in Washington, DC, this week, as large technology companies prepare for the spotlight, with several high-profile congressional hearings scheduled for this week.

Only on Tuesday, July 16, lawmakers will hold the first hearing on Libra (Facebook's cryptocurrency offer), four large technology companies will be presented before an antitrust panel of the House of Representatives and a subcommittee of the Senate Judiciary will hold a hearing. audience in Google.

This happens as technology giants are under increasing scrutiny from lawmakers on both sides: on data privacy, antitrust issues and accusations of partisan censorship.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "On Friday, the & nbsp;Wall Street Journal reported& nbsp; The FTC agreed to a $ 5 billion deal with Facebook (full board) about their privacy errors. "data-reactid =" 34 "> On Friday, the Wall Street Journal reported that the FTC agreed to a $ 5 billion deal with Facebook (FB) on its privacy errors.

Libra Hearings

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "David Marcus, & nbsp;Calibr's Facebook bossA, questions from lawmakers will be addressed in the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday. "data-reactid =" 36 "> David Marcus, head of Calibra on Facebook, will face questions from lawmakers on the Senate Banking Committee on Tuesday and the house's financial services committee on Wednesday.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Last week, legislators from both committees expressed their concerns about Libra & nbsp;how they questioned& nbsp; President of the Federal Reserve, Jerome Powell. "data-reactid =" 37 "> Last week, lawmakers from both committees expressed their concerns about Libra while questioning Federal Reserve Chairman Jerome Powell.

Both hearings began with a question about Libra, and Republican and Democratic lawmakers questioned Powell about how the Fed will tackle the cryptocurrency project.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Powell said that Libra raises" serious concerns "and the initiative & nbsp;I could not keep going& nbsp; until those concerns are addressed. "data-reactid =" 39 "> Powell said Libra raises" serious concerns "and that the initiative could not move forward until those concerns are addressed.

The chairwoman of the House Financial Services Committee, Maxine Waters (D-CA), is asking Facebook to stop the project until lawmakers and regulators have time to review it. She told Yahoo Finance that nothing Facebook could say at the next hearing will change her mind about it.

Waters said Washington still does not know much, but hopes to get answers at the hearing.

"We are going to start this discussion." We are going to reveal what they are doing, how they are doing it, who is involved in this and where they hope to go with all this, "Waters said in an interview with Yahoo Finance." I think we need time. I think I would like you to support a moratorium, but we have to find out exactly how far you have advanced at this point. There are many things we do not know. "

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Skepticism about & nbsp;Pound It is bipartisan. After Powell's comments, President Trump & nbsp;heavy in, tweeting that he is not a fan of cryptocurrencies and that Libra will have "little reputation or reliability". "data-reactid =" 43 "> Skepticism about Libra is bipartisan After Powell's comments, President Trump weighed, tweeting that he is not a fan of cryptocurrencies and Libra will have" little reputation or reliability ".

Senator Sherrod Brown (D-OH), the leading Democrat on the Banking Committee, called on the Fed to protect consumers of "Monopoly Money from Facebook."

The virtual currency representations are displayed in front of the Libra logo in this illustration, image, June 21, 2019. REUTERS / Dado Ruvic / Illustration

<h3 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "High technology antitrust hearing"data-reactid =" 65 ">High technology antitrust hearing

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "On Tuesday afternoon, Facebook, Amazon (AMZN), Google (GOOGL) and Apple (AAPL) the representatives will appear before the antitrust subcommittee of the House of Representatives. This is the second hearing in the panel's high-tech bipartisan antitrust investigation. "Data-reactid =" 66 "> On Tuesday afternoon, the representatives of Facebook, Amazon (AMZN), Google (GOOGL) and Apple (AAPL) will appear before the jurisdiction of the Judiciary of the House of Representatives, subcommittee. It is the second hearing in the panel's high-tech bipartisan antitrust investigation.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Rep. David Cicilline (D-RI) is leading the hearing, and has promised a "top-to-bottom review" of the potentially anti-competitive behavior of large technology companies.he urged the FTC& nbsp; to investigate Facebook. "data-reactid =" 67 "> Rep. David Cicilline (D-RI) is leading the hearing, and has promised a" top-to-bottom review "of the potentially anti-competitive behavior, and has also urged the FTC to investigate Facebook.

Experts from the Universities of Yale and Columbia will also testify at the hearing.

When asked for a comment before the hearing, Amazon told Yahoo Finance that the retail market is "fiercely competitive." The company argues that it not only competes with other retailers, but also with brick and mortar stores.

Amazon claims that it represents only 1% of global retail sales and 4% of US retail sales. UU

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Even so, it is expected that the e-commerce sales of Amazon reached more than $ 221 billion in the United States this year, almost 40% of total e-commerce sales in the United States, according to & nbsp;eMarketer. That's significantly more than eBay's $ 35.89 billion or $ 27,470 million. "Data-reactid =" 71 "> Still, Amazon's e-commerce sales are expected to reach more than $ 221 billion in The United States this year, almost 40% of the total United States.Commerce sales, according to eMarketer.That is significantly more than the $ 35.89 billion of eBay or the $ 27.47 billion of Walmart.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The antitrust panel held an audience in which there is a great technology and nbsp;impact on journalism& nbsp; last month. The chief executives of the companies will probably be called to testify at some point in the investigation. "Data-reactid =" 72 "> The antitrust panel held a hearing on the impact of big technology on journalism last month. the executive heads of the companies. Be called to testify at some point in the investigation.

Facebook, Google and Apple did not comment.

Google and censorship audience

A subcommittee of the Senate Judiciary will hold a hearing on Tuesday afternoon called "Google and censorship through the search engines."

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Sen. Ted Cruz (R-TX) lead the audience Cruz has always & nbsp;argument& nbsp; technology companies censor conservative voices. "data-reactid =" 80 "> Senator Ted Cruz (R-TX) will lead the audience, Cruz has always argued that technology companies censor conservative voices.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Cruz, the president of the constitution subcommittee, held a censorship hearing with Facebook and Twitter (TWTR) in February, but at that time, the committee & nbsp;rejected a witness& nbsp; Google, because the company was not offering a sufficiently important official. "data-reactid =" 81 "> Cruz, the chairman of the constitution subcommittee, held a censorship hearing with Facebook and Twitter (TWTR) in February – but at that time, the committee rejected a Google witness, because the company I was not offering an official high enough.

Karan Bhatia, vice president of public policy at Google, plans to declare Tuesday. Andy Parker, defender of gun control and father of Allison Parker, a local television reporter who was killed during a live broadcast, is also ready to testify.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Dennis Prager, from the conservative media organization PragerU, is Also on the witness list, PragerU attended an event at the White House last week, cataloged as "social media summit"(With right-wing internet personalities, conservative think tanks and social media critics, but there are no big social media companies)." Data-reactid = "83"> Dennis Prager, from the conservative media organization PragerU, is also on the witness list PragerU attended an event at the White House last week, heralded as a "social networking summit" (with right-wing internet personalities, conservative think tanks and social network critics, but none of the major social networking companies).

President Donald Trump (L) embraces "Diamond and Silk" social media personalities during the Presidential Social Media Summit at the White House in Washington, DC, on July 11, 2019. (Photo Nicholas Kamm / AFP)

In the event, President Trump criticized social media companies, claiming they are prejudiced against conservatives. The president complained that he is not gaining followers on Twitter fast enough.

Technological companies have repeatedly denied their bias towards any political party, and have insisted that they do not consider political affiliation when they decide to eliminate user content from their platforms.

"I've never seen evidence of technology company bias against conservatives, if someone wants to show me some empirical data, instead of the paranoid claims of some right-wing members, I'd appreciate it." Meanwhile, it would be great for President Trump to take seriously the antitrust law, "Cicilline said in a statement.

Trump told reporters he planned to invite big social media companies to the White House sometime next month. He said that a date had not yet been decided.

Judicial Team of the Senate large technology working group

A spokeswoman for Senator Marsha Blackburn (R-TN) told Yahoo Finance that the Judiciary Senate's large technology workforce will be "up and running" this week. The spokesman did not give details about the work group's plans, but said Blackburn would be leading him.

In an interview last month, Blackburn told Yahoo Finance that the technology working group will be a learning opportunity for senators, and warned that senators should not start the process with predetermined ideas such as splitting up big technology companies.

"We have to go where the facts take us," he said.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Sen. Elizabeth Warren (D-MA) has a call to & nbsp;divide& nbsp; Facebook, Amazon and Google. "data-reactid =" 112 "> Senator Elizabeth Warren (D-MA) has called to separate Facebook, Amazon and Google.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Blackburn has expressed his opinion on the need for federal data legislation of privacy, presenting a bill called & nbsp;NAVIGATOR Law,& nbsp; which would give users more control of their data. She told Yahoo Finance that the bill is a starting point, but the work team will continue to explore what else Congress needs to do with respect to data privacy. "Data-reactid =" 113 "> Blackburn has expressed his opinion on the need for federal data privacy legislation, presenting a bill called the BROWSER Act, which would give users more control over their data. He told Yahoo Finance that the bill is a starting point, but the work team will continue to explore what else Congress should do with respect to data privacy.

"Looking at the first question we must answer: who owns your 'virtual', which is you and your online presence, who owns your data? I should be the consumer, "Blackburn said.

Blackburn recently met with Facebook co-founder Chris Hughes to discuss data privacy and the CEO of Yelp to discuss Google and anti-competitive behavior.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Blackburn was also at the White House event on Thursday She & nbsp;tweeted& nbsp; then, "Big Tech MUST be held accountable." "data-reactid =" 118 "> Blackburn was also at the White House event on Thursday. tweeted then that "Big Tech MUST be held accountable".

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "NEXT HEARING HOURS:"data-reactid =" 119 ">NEXT HEARING HOURS:

Tuesday, July 16:

  • The Banking Committee of the Senate holds a hearing in Libra at 10:00 a.m.

  • The antitrust subcommittee of the Judicial Branch of the House of Representatives conducts a technology hearing at 2:00 p.m.

  • The subcommittee of the Senate Judiciary on the constitution conducts the Google hearing at 2:30 p.m.

Wednesday, July 17:

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Jessica Smith is a Yahoo Finance reporter based in Washington, D.C. Follow her on Twitter at @ JessicaASmith8."data-reactid =" 128 ">Jessica Smith is a Yahoo Finance reporter based in Washington, D.C. Follow her on Twitter at @ JessicaASmith8.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Powell: Libra & # 39; can not move forward & # 39; without addressing serious concerns"data-reactid =" 129 "> Powell: Libra & # 39; can not move forward without addressing serious concerns

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The 2020 presidential candidates ruin Trump's position in China"data-reactid =" 130 "> 2020 presidential candidates ruin Trump's stance in China

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "John Delaney: 70% of the United States would support this climate plan"data-reactid =" 131 "> John Delaney: 70% of the US would support this climate plan

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The new law would force the great technology to reveal the value of its data"data-reactid =" 132 "> The new invoice would force Big Tech to disclose the value of its data


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