Bulletin business briefs (e-edition)

Published 5:15 pm Thursday, March 7, 2024

A bill that could lead to the popular video-sharing app TikTok being unavailable in the United States is quickly gaining traction in the House. Lawmakers advanced legislation against TikTok Thursday as they voiced concerns about the potential for the platform to surveil and manipulate Americans.

The measure gained the support of House Speaker Mike Johnson on Thursday and could soon come up for a full vote in the House. The White House has provided technical support in the drafting of the bill, though White House press secretary Karine Jean-Pierre said the TikTok legislation “still needs some work” to get to a place where President Joe Biden would endorse it.

A sweeping bank regulatory proposal will be significantly revised by year’s end, Federal Reserve Chair Jerome Powell said Thursday, a potential victory for the large banks that have aggressively opposed the likely changes.

The proposed rule, issued last summer by the Fed and other regulatory agencies, is intended to implement changes that were negotiated internationally after the 2008 global financial crisis. Among other things, the rule would require the largest banks — those with more than $100 billion in assets — to hold more funds in reserve to protect against bad loans and other potential losses. Large banks have resisted the proposal, which they say the proposal would limit their ability to lend.

The Justice Department is stepping up its focus on artificial intelligence. Officials warn that companies and people who deliberately misuse AI technology to advance a white-collar crime like price fixing, fraud or market manipulation will be at risk for a harsher sentence.

Deputy Attorney General Lisa Monaco told an American Bar Association conference in San Francisco on Thursday the Justice Department will take into account how well a company is managing the risks of AI technology each time it assesses a corporate compliance program. Such a program is a set of policies and procedures designed to detect misconduct and ensure executives and employees are following the law.

The widespread attention given to the blanking of Meta’s Facebook, Instagram, Threads and Messenger platforms on Tuesday tells a tale. It says that social media platforms, like the books or newspapers or insert-medium-here of other times in history, matter more than just entertaining pastimes. The technologies might be recent, but what we use them for? That taps into something age-old — that we’re wired to love stories. Telling them. Listening to them. Relating to each other and our communities through them. And showing them to the world.

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