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."
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
