For Immediate Release
Open Markets Denounces Ineffective $5 Billion FTC Settlement With Facebook, Calls on Congress to Investigate the FTC
The Federal Trade Commission Didn’t Question Facebook CEO Mark Zuckerberg or Require an Admission of Guilt from the Company
WASHINGTON - The Open Markets Institute denounces the Federal Trade Commission’s (FTC) official $5 billion settlement with Facebook. Even as the FTC’s complaint alleges that Facebook committed major privacy violations, the FTC still failed to question Mark Zuckerberg and has not required an admission of guilt by the corporation, protecting Facebook from legal liability.
Open Markets reiterates its call for Congress to investigate the FTC’s failure to police our markets and enforce the law. Congress should no longer tolerate the FTC’s failures as an enforcer to protect our democracy, which have led to its crisis of legitimacy.
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The Open Markets Institute works to address threats to our democracy, individual liberties, and our national security from today’s unprecedented levels of corporate concentration and monopoly power. By combining policy, legal, and market structure expertise with sophisticated communications and outreach efforts, Open Markets seeks not only to hold today’s monopolies accountable for abuse of power, but to rebuild an economic system where progress is easier to achieve, because power is far more widely and equitably distributed