The companies showed fissures in their view on regulations. Facebook has vocally supported internet regulations in a major advertising blitz on television and in newspapers. In the hearing, Mr. Zuckerberg suggested specific regulatory reforms to a key legal shield, known as Section 230 of the Communications Decency Act, that has helped Facebook and other Silicon Valley internet giants thrive.

The legal shield protects companies that host and moderate third-party content, and says companies like Google and Twitter are simply intermediaries of their user-generated content. Democrats have argued that with that protection, companies aren’t motivated to remove disinformation. Republicans accuse the companies of using the shield to moderate too much and to take down content that doesn’t represent their political viewpoints.

“I believe that Section 230 would benefit from thoughtful changes to make it work better for people,” Mr. Zuckerberg said in the statement.

He proposed that liability protection for companies be conditional on their ability to fight the spread of certain types of unlawful content. He said platforms should be required to demonstrate that they have systems in place for identifying unlawful content and removing it. Reforms, he said, should be different for smaller social networks, which wouldn’t have the same resources like Facebook to meet new requirements.

Mr. Pichai and Mr. Dorsey said they supported requirements of transparency in content moderation but fell short of agreeing with Mr. Zuckerberg’s other ideas. Mr. Dorsey said that it would be very difficult to distinguish a large platform from a smaller one.

Lawmakers did not appear to be won over.

“There’s a lot of smugness among you,” said Representative Bill Johnson, a Republican of Ohio. “There’s this air of untouchable-ness in your responses to many of the tough questions that you’re being asked.”

Kate Conger and Daisuke Wakabayashi contributed reporting.

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Is a Big Tech Overhaul Just Around the Corner?

The leaders of Google, Facebook and Twitter testified on Thursday before a House committee in their first appearances on Capitol Hill since the start of the Biden administration. As expected, sparks flew.

The hearing was centered on questions of how to regulate disinformation online, although lawmakers also voiced concerns about the public-health effects of social media and the borderline-monopolistic practices of the largest tech companies.

On the subject of disinformation, Democratic legislators scolded the executives for the role their platforms played in spreading false claims about election fraud before the Capitol riot on Jan. 6. Jack Dorsey, the chief executive of Twitter, admitted that his company had been partly responsible for helping to circulate disinformation and plans for the Capitol attack. “But you also have to take into consideration the broader ecosystem,” he added. Sundar Pichai and Mark Zuckerberg, the top executives at Google and Facebook, avoided answering the question directly.

Lawmakers on both sides of the aisle returned often to the possibility of jettisoning or overhauling Section 230 of the Communications Decency Act, a federal law that for 25 years has granted immunity to tech companies for any harm caused by speech that’s hosted on their platforms.

393 million, to be precise, which is more than one per person and about 46 percent of all civilian-owned firearms in the world. As researchers at the Harvard T.H. Chan School of Public Health have put it, “more guns = more homicide” and “more guns = more suicide.”

But when it comes to understanding the causes of America’s political inertia on the issue, the lines of thought become a little more tangled. Some of them are easy to follow: There’s the line about the Senate, of course, which gives large states that favor gun regulation the same number of representatives as small states that don’t. There’s also the line about the National Rifle Association, which some gun control proponents have cast — arguably incorrectly — as the sine qua non of our national deadlock.

But there may be a psychological thread, too. Research has found that after a mass shooting, people who don’t own guns tend to identify the general availability of guns as the culprit. Gun owners, on the other hand, are more likely to blame other factors, such as popular culture or parenting.

Americans who support gun regulations also don’t prioritize the issue at the polls as much as Americans who oppose them, so gun rights advocates tend to win out. Or, in the words of Robert Gebelhoff of The Washington Post, “Gun reform doesn’t happen because Americans don’t want it enough.”

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Zuckerberg, Dorsey and Pichai testify about disinformation.

The chief executives of Google, Facebook and Twitter are testifying at the House on Thursday about how disinformation spreads across their platforms, an issue that the tech companies were scrutinized for during the presidential election and after the Jan. 6 riot at the Capitol.

The hearing, held by the House Energy and Commerce Committee, is the first time that Mark Zuckerberg of Facebook, Jack Dorsey of Twitter and Sundar Pichai of Google are appearing before Congress during the Biden administration. President Biden has indicated that he is likely to be tough on the tech industry. That position, coupled with Democratic control of Congress, has raised liberal hopes that Washington will take steps to rein in Big Tech’s power and reach over the next few years.

The hearing is also be the first opportunity since the Jan. 6 Capitol riot for lawmakers to question the three men about the role their companies played in the event. The attack has made the issue of disinformation intensely personal for the lawmakers since those who participated in the riot have been linked to online conspiracy theories like QAnon.

Before the hearing, Democrats signaled in a memo that they were interested in questioning the executives about the Jan. 6 attacks, efforts by the right to undermine the results of the 2020 election and misinformation related to the Covid-19 pandemic.

October article in The New York Post about President Biden’s son Hunter.

Lawmakers have debated whether social media platforms’ business models encourage the spread of hate and disinformation by prioritizing content that will elicit user engagement, often by emphasizing salacious or divisive posts.

Some lawmakers will push for changes to Section 230 of the Communications Decency Act, a 1996 law that shields the platforms from lawsuits over their users’ posts. Lawmakers are trying to strip the protections in cases where the companies’ algorithms amplified certain illegal content. Others believe that the spread of disinformation could be stemmed with stronger antitrust laws, since the platforms are by far the major outlets for communicating publicly online.

“By now it’s painfully clear that neither the market nor public pressure will stop social media companies from elevating disinformation and extremism, so we have no choice but to legislate, and now it’s a question of how best to do it,” said Representative Frank Pallone, the New Jersey Democrat who is chairman of the committee.

The tech executives are expected to play up their efforts to limit misinformation and redirect users to more reliable sources of information. They may also entertain the possibility of more regulation, in an effort to shape increasingly likely legislative changes rather than resist them outright.

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Penny Stocks Are the Latest Trading Mania

Of all the trading manias in recent months — Bitcoin, SPACs, meme stocks, nonfungible tokens — the latest has a long history of fraud and scandal. That’s right, penny stocks are booming, according to The Times’s Matt Phillips, who visited the “low-rent district of Wall Street.”

There were 1.9 trillion transactions last month on the over-the-counter markets, where such stocks trade, according to the industry regulator Finra. That’s up more than 2,000 percent from a year earlier, driven in large part by the surge in retail trading — enabled by commission-free trading from online brokerages — that has also stoked the frenzy for shares in GameStop and other speculative assets.

left interest rates at rock-bottom levels, despite improving economic growth forecasts. But the Upshot’s Neil Irwin notes that it may become harder for Jay Powell, the Fed chair, to wave away criticism of those who think monetary policy is too loose.

The I.R.S. delays the tax filing deadline. Americans have until May 17 to file their federal income taxes, a delay meant to help people cope with the pandemic’s economic upheaval and account for changes from the rescue plan.

separate its asset-management division, replace its chief and suspend bonuses over the unit’s role in financing Greensill Capital, the supply-chain financing lender that collapsed this month.

Gasoline may have hit its peak. Global demand may never return to pre-pandemic levels, the International Energy Agency said, as more electric vehicles hit the roads and transportation habits change. Use may rise for a bit in places like China and India, but overall consumption in industrialized economies will fall by 2023.

Senate confirms President Biden’s top trade official. Katherine Tai will become the U.S. trade representative. She is a prominent critic of China’s trade practices, signaling that the White House won’t completely walk back the Trump administration’s tough stance. Top U.S. officials are to meet their Chinese counterparts for the first time today, at a summit meeting in Alaska.

Google said today that it planned to invest $7 billion in offices and data centers in 19 U.S. states, making it the latest tech giant to expand its footprint while other companies retrench in a commercial real estate market roiled by the pandemic. Google’s C.E.O., Sundar Pichai, shared the plans in a blog post, saying that the move would create 10,000 jobs at the company this year. (Alphabet, Google’s parent company, employed around 135,000 people at the end of 2020.)

Google is expanding across the country. The plan includes investments in data centers in places like Nebraska, South Carolina and Texas. The company recently opened its first office in Minnesota and an operations center in Mississippi. It will open its first office in Houston this year.

“Coming together in person to collaborate and build community is core to Google’s culture,” Mr. Pichai wrote. Google was one of the first companies to tell employees to work from home, and it expects workers to begin returning to offices in September. When that happens, it will test a “flexible workweek,” with employees spending at least three days a week in the office.

Congressional hearing which focused on the relationship between brokers like Robinhood and market makers like Citadel Securities.


SPACs have already raised more money this year than in all of 2020, setting a record for blank-check deal volume. More than $84 billion has been raised by 264 SPACs to date, according to Dealogic, compared with $83 billion raised by 256 acquisition vehicles last year.

cooperating with an S.E.C. inquiry, after a short seller accused it of misleading investors about its business prospects.


Crypto Mom,” she’s been raising the profile of cryptocurrencies and blockchain technology since being appointed an S.E.C. commissioner in 2018. On “Blockchain Policy Matters,” an online show by the Blockchain Association, a trade group, Ms. Peirce described her hopes for innovation and regulation of the crypto world. DealBook got a preview of the show, which posts today.

bitcoin E.T.F.s have begun trading in Canada.

She welcomes Gary Gensler, the blockchain professor, as the agency’s next chief. President Biden’s pick to lead the S.E.C. has lectured on cryptocurrency and blockchain at M.I.T. since 2018. Ms. Peirce said she was “hopeful” that he will help the agency think “in a more sophisticated way.” She added that Mr. Gensler has “more inclination to regulate” than she does, but that she believes he’ can provide the regulatory clarity on crypto she has sought.

Blockchain technology could address the issues raised by meme-stock mania. That includes “concerns around settlement times, tracking where shares are, and who owns what shares when,” Ms. Pierce said. Distributed ledger technology like blockchain could eliminate common failure points in the financial system, rather than centralizing them, Ms. Peirce said, adding: “I hope that a lot of that innovation happens in the private sector as opposed to us taking it over as a securities regulator.”

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