Congressman Jesús “Chuy” García Introduces Bill to Keep Big Tech Companies Out of Financial Sector
Washington, D.C. – Today Congressman Jesús “Chuy” García (IL-04) questioned Facebook CEO Mark Zuckerberg and introduced H.R. 4813, the Keep Big Tech Out of Finance Act, which would block Facebook from developing its controversial Libra Project. The bill prohibits Facebook and other big tech companies from developing digital currencies.
“At today’s Financial Services Committee hearing, I introduced the Keep Big Tech Out of Finance Act, which would prevent Facebook and other tech giants from developing digital currencies or assets like Libra. Big tech companies like Facebook are entering the financial services market at an alarming rate. Given the enormous access that tech giants like Facebook have to people’s data and their ability to manipulate markets through their size and power, the prospect of them operating a bank or currency is troubling.
“Left unregulated, Facebook is another ‘too-big-to-fail institution’ like those that caused the 2008 financial meltdown. Not only will Facebook use their monopoly on private data to manipulate markets, consumers will be exposed to immense financial risks without government protections for their money or investments.
“Mr. Zuckerberg stated that Facebook should not be regulated like a bank or by the SEC, despite growing expert legal agreement about how to protect consumers. Zuckerberg basically said that he doesn’t want anyone looking over his shoulder or reviewing his company’s books. Given Facebook’s track record of evading criminal liability, abusing private data, and manipulating markets with their monopolistic power, regulators should be considering how to break up Facebook, not greenlighting a new, dangerous project like Libra.
“We have a responsibility to protect the American public and every day consumers. To do so, we must hold Big Tech giants like Facebook accountable and keep them from entering the currency market. My Keep Big Tech Out of Finance Act does just that.”
In the coming weeks, Rep. Garcia will be introducing additional legislation that further strengthens the separation between banking and commerce.
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