Facebook IPO shows fear of privacy laws: The social networking giant Facebook filed for an initial public offering of $5 billion in stock on Wednesday afternoon. The firm's filing with the Securities and Exchange Commission shows significant concerns about the prospect of new federal privacy laws, which "could significantly affect" the firm's business.
Key Quote: "[T]here have been a number of recent legislative proposals in the United States, at both the federal and state level, that would impose new obligations in areas such as privacy and liability for copyright infringement by third parties. These existing and proposed laws and regulations can be costly to comply with and can delay or impede the development of new products, result in negative publicity, increase our operating costs, require significant management time and attention, and subject us to claims or other remedies, including fines or demands that we modify or cease existing business practices."
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House telecom subpanel takes up cybersecurity next Wednesday: The House Energy and Commerce subcommittee on Communications and Technology will hold a hearing on the cybersecurity threat to the nation's communications networks next Wednesday. Several committees in the House have moved on cybersecurity legislation recently in hopes of bringing the issue to the floor this year.
FCC chairman commends Comcast for broadband investments: “I commend Comcast for their strengthened commitment to broadband adoption. Having more Americans who are digitally empowered will mean more students able to access the benefits of digital learning, more Americans with the skills needed to find and land the jobs of today and tomorrow, and millions more customers for online businesses. Broadband is key to America's long-term global competitiveness. Unfortunately, too many Americans are falling on the wrong side of the digital divide, excluded from the $8 trillion global Internet economy. The FCC remains committed to working with all stakeholders to meet this pressing national challenge.”
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