Facebook, Amazon and YouTube can shrug off fines because of their size. A more effective way to change tech companies’ behavior would be to bar them from signing up new users – like how U.S. regulators dealt with wayward Wells Fargo, GinaChon says.
to keep its assets below a certain level – just under $2 trillion – until it improved its governance and risk management. That unusual cap remains in place.
A similar ceiling on user or subscriber growth, if policymakers decide it’s merited, would have a rapid effect. Such metrics are an obsession for Silicon Valley, fueling their influence and revenue, and share prices.from acquiring new users pending a data security investigation. In the United States, Congress would likely have to legislate such a penalty and grant authority to a regulator like the FTC to enforce it. That’s no simple task.
- Frances Haugen, a former product manager on the civic misinformation team at Facebook, also said her lawyers have filed at least eight complaints about the social media platform with the U.S. Securities and Exchange Commission. She provided documents for a Wall Street Journal investigation on Facebook and will appear at a Senate hearing on Oct. 5.Reuters Breakingviews is the world's leading source of agenda-setting financial insight.
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