House Speaker Nancy Pelosi laid into Facebook Inc. on Thursday, providing fresh evidence that lawmakers are keeping the social-media giant in their crosshairs.
When asked whether Facebook FB, +0.03% CEO Mark Zuckerberg or other tech execs have too much power, the California Democrat offered the following critique:
‘The Facebook business model is strictly to make money. They don’t care about the impact on children. They don’t care about truth. They don’t care about where this is all coming from. And they have said, even if they know it’s not true, they will print it.’
The California Democrat — who has a Facebook office in her district, though it’s not the company’s headquarters — wasn’t done after that remark, which came during her weekly news conference at the Capitol building in Washington, D.C.
“I think that they have been very abusive of the great opportunity that technology has given them,” she added. “My thought about them is all they want is their tax cuts and no antitrust action against them, and they schmooze this administration in that regard, because so far that’s what they have received.”
Pelosi also said the Silicon Valley company’s executives “have said very blatantly, very clearly that they intend to be accomplices for misleading the American people with money from God knows where.”
Facebook didn’t immediately respond to a request for comment.
A raft of bills aimed at technology companies FDN, +0.92% were introduced in Congress in 2019, addressing privacy, censorship, security, algorithms, children’s issues, facial recognition and other matters. But Capital Alpha Partners analysts have said the “existence of so many disparate critiques complicates making progress on any one issue.”
In addition, the Trump administration’s Justice Department and the Federal Trade Commission have launched antitrust investigations into Big Tech.
Facebook’s stock has climbed 50% in the past 12 months, besting the broad S&P 500 index’s SPX, +0.56% gain of 26%.