Tulsi Gabbard (D-Hawaii) says the prospect of Facebook introducing a new, digital currency, Libra, would too greatly expand the company's access to personal data.
"Giving someone like Mark Zuckerberg the power of his own currency, and what he can do with the information, the personal information, that he's already gathering, I think it's very dangerous," Gabbard told Cheddar Tuesday.
Her comments followed an, at times, hostile hearing organized by the Senate Banking Committee over the tech giant's new venture.
The Congresswoman from Hawaii will have the opportunity to grill Facebook executive David Marcus on Wednesday, when he's expected to testify to the House Financial Services Committee, which the representative sits on, if she shows.
Last week, Marcus sent a memo to the committee's chairwoman Maxine Waters attempt to assuage officials' concerns over the currency. But representatives don't yet appear assuaged, and now some politicians are passing a draft of a "Keep Big Tech Out of Finance Act."
Ranking member of the Senate Banking Committee Sherrod Brown (D-Ohio), is equally concerned with Libra, and told Cheddar after the hearing that the new crypto division is a "scheme." Brown was one — if not — the most aggressive critic of Facebook at Tuesday's Senate hearing.
"They're an American company when it serves them, but they're not particularly American company when it comes to paying their taxes, and now doing this whole 'scheme' on cryptocurrency," Brown told Cheddar.
Gabbard said she believes it's Congress' responsibility to break up big tech companies, such as Facebook, over antitrust concerns. Other fellow presidential candidates like Sen. Elizabeth Warren (D-Mass.) have called for increased government regulation of large, technology platforms.
Although the regulation of big tech has not been the focal point of Gabbard's 2020 pitch, the growth of these tech giants may pose a free speech threat to American citizens, and could become a more significant issue in the 2020 Democratic presidential primaries
"These monopolies, which is exactly what they are, should not have unilateral power that they have right now, to control what kinds of information we are seeing, and to shut up certain voices in this country," Gabbard added, pointed out the antitrust concerns she has with Facebook, and tech giants.
Even Donald Trump has taken a stab at Libra, as bipartisan support grows in the dismantling of tech giants. He wrote, "Facebook Libra's 'virtual currency' will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International."
Although Democrats and Republicans may disagree on their overall concerns over Libra, and the growth of big tech as a whole, Gabbard remains cautious of leaders like Mark Zuckerberg:
"I think it's a very dangerous thing to give that much power and influence and money in the hands of one person."
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
