Apparently neither the House Financial Services committee nor Senate Banking Committee were given a heads up on this launch. From a government relations perspective, this is a whiff of fresh breeze for those of us advocating for a break-up.
Apparently neither the House Financial Services committee nor Senate Banking Committee were given a heads up on this launch. From a government relations perspective, this is a whiff of fresh breeze for those of us advocating for a break-up.
Sure, financial regulators are probably extremely upset about this, and are probably going to fight it. However, the data Facebook would be collecting here would extremely valuable to other regulators; data they cannot currently access precisely because it is protected by financial regulation.
If Facebook were to offer access to this data (on National Security grounds, or 'think of the children' grounds, etc.), agencies could have immediate access to immense amounts of data from potentially every user, whereas currently, they'd probably need a court order (or National Security Letter, etc.) to access the data of just one.
Would any of the committees you listed prevail against these interests?