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Consumer Reports statement on FTC’s reported $5 billion fine for Facebook

WASHINGTON, D.C. — News media outlets are reporting that the Federal Trade Commission voted this week to approve a $5 billion settlement with Facebook following a long investigation of the company’s privacy practices.  The FTC and Facebook have declined to comment, and details of the terms or restrictions that might be placed on Facebook have not been reported.

Marta Tellado, President and CEO of Consumer Reports, said, “While the size of the settlement is historic, we don’t yet have all the details. Fines alone will not reform a market ruled by digital giants that can afford $5 billion simply as a cost of doing business. We hope the FTC is going to take meaningful action, but given the weak privacy laws we have today, it’s unlikely to be enough. That’s why we need to raise the standards for data privacy and hold Big Tech accountable to ensure protections are in place across the board.”

 

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Contact: David Butler, dbutler@consumer.org

 

Consumer Reports is an independent, nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For more than 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.