Political pressure builds for FTC to punish Facebook with more than a ‘bargain’ fine | Washington Post

Wouldn't it be simpler and more effective to regulate what all companies can do with advertising-focused data collection?...

"Specifically, Blumenthal and Hawley contend that a fine ranging into billions of dollars would be a “bargain” for a company as large as Facebook, which recorded $15 billion in revenue last quarter. The tech giant last month said it expects a fine as high as $5 billion, confirming earlier reports from the Post that the FTC could require Facebook to pay a record-breaking financial penalty to settle the probe.

"Even a fine in the billions is simply a write-down for the company, and large penalties have done little to deter large tech firms," the lawmakers said.

Blumenthal and Hawley instead urged the commission to limit Facebook’s data collection, including requirements that restrict the kind of information it collects for advertising. They further called for accountability targeting individual executives if the commission determines “any Facebook executive knowingly broke the law” or its pledge to improve its privacy practices, a commitment it made to end another FTC probe in 2011."

Political pressure builds for FTC to punish Facebook with more than a ‘bargain’ fine | Washington Post