A new draft proposal is going around the U.S. House that aims to keep big technology companies out of the financial sector. The aptly titled bill, “Keep Big Tech Out Of Finance Act” would prohibit large platform utilities from being a financial institution.
You can read the draft legislation here: https://www.scribd.com/document/417056845/Keep-Big-Tech-out-of-Finance-Act-Discussion-Draft
“Big Tech” aka a “large platform utility” is legally defined as a technology company with “an annual global revenue of $25,000,000,000 or more and predominately engaged in the business of offering to the public an online marketplace, an exchange, or a platform for connecting third parties.”.
While the legislation is currently a draft, it’s getting a reasonable amount of support. The big debate, in my opinion, is whether or not these technology companies are truly “public utilities” given their curation of content on their platforms (AT&T doesn’t moderate your text messages or your phone calls). I would hate to think what FaceBook might do if all your money was in their control – perhaps they would moderate that too?
Comment your thoughts below.