FTC's chair, Joseph Simons, spoke about the commission's record settlement with Facebook yesterday.
The 20-year settlement includes provisions that aim to create a level of independence from Facebook CEO Mark Zuckerberg's decision-making.
The FTC order mandates that Facebook create an independent privacy committee on its board of directors to remove "unfettered control" by Zuckerberg over user privacy decisions. The members will be nominated by an independent nominating committee and can only be fired by a two-thirds majority of voting shares, which would prevent Zuckerberg from controlling the vote with his share power.
In an interview with CNBC's Ylan Mui, dissenting commissioner Rohit Chopra said the FTC did not investigate enough. Outside of Facebook, an independent third-party assessor approved by the FTC will conduct biennial assessments and report to the new privacy committee quarterly. Facebook must notify the assessor within 30 days of discovering that data of 500 or more users has been compromised, according to the release.
The two dissenting commissioners, Democrats Chopra and Rebecca Kelly Slaughter, disagreed with this assessment. Slaughter wrote that even if litigation would have been the riskier option in terms of ensuring specific concessions, it would have been beneficial for public transparency.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook to pay $5 billion in settlement with FTCFacebook Inc. agreed to pay a record $5 billion fine and better police its data-privacy practices to settle a long-running federal investigation that has...
Read more »
Facebook Agrees to New FTC Privacy Oversight, Will Pay $5 Billion Fine Under 20-Year SettlementFacebook, under a 20-year settlement with the Federal Trade Commission over privacy violations, will pay a record-breaking $5 billion fine and submit to new oversight by the commission. The settlem…
Read more »
Facebook to pay record $5 billion U.S. fine over privacy violations but critics call it a bargainFacebook to pay record $5 billion fine over privacy violations, the U.S. Federal Trade Commission says $FB
Read more »
Facebook to create privacy panel, pay $5 billion to U.S. to settle allegationsThe Federal Trade Commission is set to announce on Wednesday that Facebook Inc h...
Read more »
Facebook to pay record $5 billion U.S. fine over privacy violations but critics call it a bargainFacebook Inc will pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices and the social media giant will restructure its approach to privacy, the U.S. Federal Trade Commission said on Wednesday. The FTC voted 3-2 along party lines to adopt the settlement, which
Read more »
FTC’s ‘Unprecedented’ Slap Fines Facebook $5 Billion, Forces New Privacy ControlsMark Zuckerberg pledges 'a new standard for our industry' after agency says Facebook 'undermined consumers’ choices.'
Read more »