Two U.S. lawmakers have an idea for reining in Big Tech: get someone else to do it. Silicon Valley is indeed posing novel challenges. A tech-focused super-regulator would be a great way to fail to fix these problems: BenWinck
U.S. Senator Elizabeth Warren listens during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., April 18, 2023.
WASHINGTON, July 27 - Two U.S. lawmakers have an idea for reining in Big Tech: get someone else to do it. Democratic Senator Elizabeth Warren and her Republican peer Lindsay Grahama new commission for policing technology firms on Thursday. Silicon Valley is indeed posing novel challenges, from privacy to mental health. A tech-focused super-regulator would be a great way to fail to fix these problems.
True, the goals that inspired the Digital Consumer Protection Commission Act, which was introduced to the Senate for consideration on Thursday, are noble. They include protecting young users of social media, and countering anticompetitive behavior. Yet there are already agencies that do some of that. The Department of Justice and the Federal Trade Commissionabuse of dominance by big firms, and problematic mergers.
The other big problem with Warren and Graham’s idea is that new agencies can become political footballs. The Consumer Financial Protection Bureau, also conceived by Warren and described as a “” for shoppers, returned $10.3 billion to Americans during former President Barack Obama’s second term, according to the agency’s website. But policing was far more lenient under former President Donald Trump, just $2.3 billion recovered for consumers in his first term.
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