Tech Firms Increase Spending On Lobbying Efforts
Tech firms are increasing the amount of money that they spend on lobbying as scrutiny from lawmakers continues to increase.
Mark Zuckerberg has made his third visit to Capitol Hill in the past five weeks, demonstrating increased attention to the actions of Facebook. The increased attention is in response to their decision to launch a cryptocurrency. Facebook has increased the amount of money they spend on lobbying by almost 25%, reaching a total of $12.3 million during the ¾ of the year.
Facebook is not the only tech firm to increase their spending. Amazon increased the amount of money spent on lobbying by 16% to $12.4 million during the same time span. Amazon is the largest spender on lobbying efforts.
Antitrust investigations are currently being conducted into the operations of Facebook. These antitrust investigations are being conducted by the Federal Trade Commission and the Justice Department.
“I’m not sure whether Mr. Zuckerberg has bought an apartment here yet or not, but he is certainly spending much, much more time and not just him. They were behind the curve in getting out talking to policy makers,” said Rep. Bill Huizenga (R., Mich.).
Tech firms have been employing different strategies to counteract this scrutiny. For example, Google has set up pop-up stations where individuals can gain guidance on personally setting their own privacy settings.