Open Markets, Public Citizen, Demand Progress Education Fund, and Revolving Door Project sent a joint letter to all 27 partners of Facebook's Libra Consortium demanding they walk away from the project.
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On the heels of Open Markets publicly demanding Libra’s launch partners “walk away” from the project, OMI, Public Citizen, Demand Progress Education Fund, and Revolving Door Project sent a joint letter to all 27 partners.
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In the first part of a three-part series for Pro-Market, Open Markets Senior Fellow Matt Stoller explains why antimonopoly politics is experiencing a resurgence. “To understand how far we’ve come, we must understand what was,” writes Stoller. “I am going to try and help us reach back to the 1990s, before the financial crisis, Iraq War, Big Tech’s monopolization, before Nickelback jokes, and so forth.”
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Ahead of the July 16 House Antitrust Subcommittee hearing featuring big tech, Open Markets Deputy Director Sarah Miller tells Bloomberg's David McLaughlin and Ben Brody that tech companies are harming entrepreneurs. “These companies were the darlings of most Democrats and now the dynamic has changed profoundly,” she said.
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The National (AE) reports on Open Markets' latest brief on Facebook's Libra currency proposal. The brief, published in advance of the July 16 Senate Banking Committee hearing scrutinizing Libra, is "a stark warning to Congress, calling the social media giant's foray into digital banking 'a dangerous liability at home and abroad'."
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Business Insider reporter Linette Lopez asserts: "No, Facebook should not be allowed to have its own currency." In her piece, she cites Open Markets recent report warning against Facebook's proposal to launch Libra, a global digital currency. "I wouldn't let Facebook water my plants, let alone monitor my banking transactions," she writes.
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The American Prospect's David Dayen previews a week of hearing scrutinizing big tech. He cites Open Markets Director of Enforcement Strategy Sally Hubbard who said that the subcommittee investigation itself, more than public hearings, will drive recommendations for reshaping tech platform markets.
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In the wake of this morning’s Senate Banking Committee hearing on Facebook’s plan to launch Libra, a new global cryptocurrency, the Open Markets Institute is calling for Libra’s 27 consortium partners to withdraw from the project.
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The Open Markets Institute submitted a statement for the record before the U.S. House of Representatives Committee on the Judiciary Subcommittee on Antitrust, Commercial and Administrative Law on Online Platforms and Market Power, Part 2: Innovation and Entrepreneurship on July 16, 2019.
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Open Markets Director of Enforcement Strategy Sally Hubbard speaks with Bloomberg reporters Lucas Shaw and Mark Bergen about YouTube's dominance. She says of the video platform owned by Google, “If you’re looking into Google, it would be remiss not to look at YouTube. You’ve got monopolies upon monopolies.”
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Open Markets Executive Director Barry C. Lynn Al Jazeera’s Ben Piven regarding Amazon’s Monopoly power.
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The Open Markets Institute submitted a report to Congress on July 15, 2019 on Facebook’s plans to launch Libra, a global digital currency. Open Markets’ report emphasizes Facebook’s dismal track record on data privacy makes its proposal to launch Libra a dangerous liability at home and abroad and proposes a suite of policy options for Congress to consider.
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The Open Markets Institute has submitted a report to Congress in advance of tomorrow’s Senate Banking Committee hearing on Facebook’s plans to launch Libra, a global digital currency.
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NYT's reporter Nellie Bowles looks into how the right and left have come together to break up big tech writing that "Conservatives are showing up at largely liberal conferences to call for breaking up Facebook and Google. Liberals are going on conservative TV shows to do the same." She talks to Open Markets Senior Fellow Matt Stoller about the shift. “I always knew we were aiming at different things,” Stoller said. “Now, we have some of the same goals.”
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HuffPost's Carla Herreria reports on how "Democrats in Congress are threatening to take action after the FTC reportedly voted on a $5 billion penalty for Facebook’s privacy violations." She reports on the critics of the fine, including citing Open Markets Director of Enforcement Strategy Sally Hubbard blasting the fine as "woefully insufficient," and how Facebook's stock valuation only rose with the news of the FTC settlement.
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WIRED reports on the implications of the news of the FTC's $5 billion Facebook settlement and cites Open Markets Senior Fellow Matt Stoller in their reporting. “They can issue a really big fine, which is just a parking ticket,” Stoller recently told WIRED. “We don’t think a fine matters. We need a structural solution here.”
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