A common refrain we hear from Tech Companies is, during the course of the investigation, but also on my own, since i have minute them in my district is that they cant be violating Anti Trust Laws and the primary argument is that many of their products are cheap or free, and therefore they are inherently benefiting. We have talked about this, to me the big question is its free really free . Consumers are paying for the product that they use, paying ended up, paying in privacy that they give up and often dont know they are giving up. The big Tech Companies and use that data to build these massive empires of information about consumers that give them spectacular advantage over newcomer businesses, allowing the companies to scrutinize every aspect of peoples lives, create and sell products that have the best chance of being successful. You mentioned the history of acquisitions. Facebook at made 67 on talents acquisitions, amazon has made 97, and google had made 214, mostly unchallenged acq
One on the role of data and prime fancy into competition. I recognize myself, i should state the obvious im, not bitter of the subcommittee, and chairs the subcommittee, the chair of the committee will be here in a few minutes. It has never been easier to share news and information that content and communicate with loved ones, all at a moments notice. Given the technological recognitions it, has added to the balance of power in our economy. Its important for us to understand how this affects americans, what is causing the asymmetries of power and whether these new and growing inequalities are compatible with our democratic values. The committees ongoing is a key part of this practice. Todays hearing, we will examine the role that data plays and maintaining any qualities of power, and how this affects competition. As previous hearings have shown, the growing share of Congress Communications is now controlled by a small number of companies. These platforms are innocent, largely intermedi
Political will to apply this tool, and i think its a very valid and useful tool for toolkit in the United States, and so we have examples for tunisia and egypt that well talk about, so well talk a little bit about the history of what are these things, how they come about, what can we learn from the past, how are some more recent ones operating, and finally, the most important thing is about the future because i think in some ways this was certainly ahead of its time and theres a lot of learning from the past, but i think there are plenty of countries where we ought to be applying this in new additional countries, but also may be in different ways given the fact that the world is changed from 25 years ago. The instrument needs to adapt the time. We have a very experienced group of panelists. Im excited to have all the smart folks on the panel. I wont go into detailed bios for each of them but i will ask my friend whos the executive director of European Cooperative for Rural Development
Republicans, 202 7488001. Independencts, 202 7458002. You can also find us on facebook and twitter. You can send us an email at journal cspan. Org. The dodd frank act was named after its authors, and senator chris dodd and barney frank. It was a massive bill that required federal agencies to write hundreds of new rules. Here are some of the things that the dodd frank act did. It was signed into law by president obama on july joint first, 2010. It created the Consumer Financial Protection Bureau. It attempted to an too big to fail bailouts of Financial Firms. In eliminated loopholes of financial products, providing shareholders a say on executive compensation, and enforce regulations on the books. Here are some polls that show just exactly the scope of this bill. A summary of the bill by a law firm shows that the bill was 22,290 six pages long. It has had 119 congressional hearings, and there have been 139 bills issued in congress to amend or repeal the act. The stats also give you a se
To talk about funding for various Treasury Department programs. This is long over an hour and a half. Welcome to everybody. Good morning. Senator coons, senator lankford, looking at earlier. Today with the opportunity to review the budget request of the department of the treasury and the Internal Revenue service. As we begin this important hearing, we welcome our witnesses with us today treasury secretary steven mnuchin, irs commissioner John Koskinen and the treasury ig for Tax Administration, russell george. Thank you for being here. The department of the treasury ahas an important mission. Its work is to promote Economic Growth and stability and safeguard our Financial Systems, which is critical to maintaining a Strong Economy and creating economic opportunity. Equally important is its work to combat terrorism. The proliferation of weapons of mass destruction money moneylaundering, Drug Trafficking and other National Security threats. The Internal Revenue service has significant rol