20 Year Oversight Agreement In Place For Social Media Giants After Privacy Blunder

According to sources, Facebook is about to make a pact with the government of US due to which it will get on oversight for about two decades. During the pact, executives of Facebook would focus more on its practices as well as privacy policies. Governmental officials are also set to probe whether the social media giant violated similar type of pact back in 2011 or not.

Many analysts stated that the present deal was bound to take place since Facebook has set a payment of $3 billion aside. Two spokespersons of Facebook told the reporters that no such deal would take place during the present week. Moreover, one of the officials of Facebook also stated that the FTC settlement of the company might take place during the next month.

The present agreement between the social media giant and Federal Trade Commission was criticized by many lawmakers of the US. Many Lawmakers of America stated that the present dealing would oversight the practices of BOD of Facebook. They also stated that the deal would make Facebook act in a more stringent manner on application developing companies.

Through a letter, Richard Blumenthal and Josh Hawley conveyed to FTC that the penalty of $5 billion was too nominal for Facebook. They also stated that Mark Zuckerberg should only be considered liable for the penalty.

The settlement of 2011 between FTC and Facebook, the company also has to reveal about the practices which it would employ for the next 20 years. Allegations were investigated by FTC about the Cambridge Analytica where Facebook had leaked personal data of more than 80 million users.

Facebook had also faced the anger of its cofounders and Senator Elizabeth Warren as they asked the social media giant to sell Instagram and WhatsApp. Senator Elizabeth Warren wanted Facebook to sell Instagram and WhatsApp as people were imparting rumors and hate messages over social media.