Magical Trade
Monday, June 27, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Obama calls for tech regulation to combat disinformation on social media

by
April 21, 2022
in Trade News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Fund manager names one trend that will ‘affect all industries’ — and reveals how he’s trading it

These global stocks look oversold — and analysts are expecting a rebound

Former US President Barack Obama gestures as he speaks at the 2021 climate summit in Glasgow on November 08, 2021. NBC News reports Obama will return to the White House on Tuesday for the first time since he left office to promote the Affordable Care Act in an event alongside President Joe Biden.
Jeff J Mitchell | Getty Images News | Getty Images

Former President Barack Obama said on Thursday that the spread of disinformation online is harming American democracy, and the tech industry needs regulation and legislation to address the problem.

“The very design of these platforms seems to be tilting us in the wrong direction,” Obama said at a Stanford Cyber Policy Center event.

The comments come as Congress considers a slew of reforms to rein in the power of the tech industry, including competition laws, privacy protections and changes to the legal shield known as Section 230, which allows for content moderation but also protects platforms from liability for users’ posts.

It’s a debate that’s been raging in Washington for the last couple years. Obama’s position is notable because his administration is now regarded by many reform advocates as having been amicable to the tech industry. Google reportedly had a close relationship with the Obama White House, for example, meeting hundreds of times with staffers, according to a review of meeting records published by the Tech Transparency Project.

“I might never have been elected president if it hadn’t been for websites like — and I’m dating myself — MySpace, Meetup and Facebook, that allowed an army of young volunteers to organize raise money, spread our message,” Obama said. “That’s what elected me.”

But the relationship between Washington and Silicon Valley was less tense at the time. Things changed dramatically in 2016, following the election of Donald Trump as president and the revelation of Facebook’s Cambridge Analytica scandal.

Obama said he’s “not convinced that wholesale repeal of Section 230 is the answer.” President Joe Biden, who served as Obama’s vice president, advocated for such a policy during his campaign for the White House, though most Democrats have taken less extreme positions.

Obama is taking a measured approach. He said Congress should consider reforms to the law and that platforms should “be required to have a higher standard of care when it comes to advertising on their site.”

“If properly structured, regulation can promote competition and keep incumbents from freezing out new innovators,” Obama said.

Many conservative lawmakers have accused social media companies of censoring on the basis of ideology, though the platforms have denied this and said they simply enforce their community guidelines. Obama indicated that free speech arguments have severe limitations.

“I’m pretty close to a First Amendment absolutist,” Obama said. “The First Amendment is a check on the power of the state. It doesn’t apply to private companies like Facebook or Twitter, any more than it applies to editorial decisions made by the New York Times or Fox News. Never has. Social media companies already make choices about what is or is not allowed on their platforms and how that content appears. Both explicitly through content moderation and implicitly through algorithms. The problem is we often don’t know what principles govern those decisions.”

‘Tell the meat inspector’

Obama advocated for increased transparency around the design of tech platforms, likening the concept to a proprietary meatpacking method.

“They don’t have to reveal to the world what that technique is. They do have to tell the meat inspector,” he said. “In the same way, tech companies should be able to protect their intellectual property while also following certain safety standards that we as a country, not just them, have agreed are necessary for the greater good.”

Obama said internet companies aren’t solely responsible for the polarization that’s ripped through society.

“What social media platforms have done though, thanks to their increasing market dominance and their emphasis on speed, is accelerate the decline of newspapers and other traditional news sources,” he said.

Obama appealed to tech companies and their employees directly, acknowledging the difficulty in advancing legislation.

“It’s a chance for companies to do the right thing. You’ll still make money, but you’ll feel better,” he said. “It’s a chance for employees of those companies to push them to do the right thing. Because you’ve seen what’s out there and you want to feel better.”

Subscribe to CNBC on YouTube.

WATCH: How US antitrust law works, and what it means for Big Tech

ShareTweetPin

Related Posts

Fund manager names one trend that will ‘affect all industries’ — and reveals how he’s trading it

by
June 27, 2022
0

For decades, globalization has been an established part of the global economic system, but fund manager Dan Katz believes its...

These global stocks look oversold — and analysts are expecting a rebound

by
June 27, 2022
0

Market watchers have been reluctant to call the bottom on the sell-off in global stocks this year, but some assets...

Asia-Pacific markets gain as investors monitor recession fears

by
June 27, 2022
0

A man walks past the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on...

Russia Defaults on Foreign Debt for First Time Since 1918

by
June 27, 2022
0

Associated Press EXPLAINER: What's the impact of a Russian debt default? Russia is poised to default on its foreign debt...

Stock futures fall following a major comeback week for stocks

by
June 26, 2022
0

Traders on the floor of the NYSE, June 15, 2022. Source: NYSE U.S. stock futures were little changed on Sunday...

Next Post

Hedge Fund Bets Against a SPAC Tied to Trump After Truth Social ‘Disaster’

Many factory workers in Shanghai can't get back to work, even after Covid controls ease

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • These are the global stocks to own if stagflation hits, according to Credit Suisse

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net