ftc rule. there is a lot of supreme court reelgs on preemption. that one issue, i think miss ole housen is incorrect. >> that's a pretty powerful agency that can do that. what do you think, mr. reed? have you read the article? anyone read the article? >> we jumped off onto the rule making. i think when it comes to the protection of children on line, we have been a strong supporter of the children's on line privacy protection act. one of the things, though, that i was -- and i will repeat this for the chair -- is it is worth noting that on awful these rules we run into a situation where we are all talking about compliance. to me in a small business capacity compliance means lawyers, don't mean developing products or people doing the job they need to do. what really the ftc needs to have is do a better job educating people what the rules are, how you follow them, what the expectations are and get back some of the trust. because if we are only focused on compliance, that means i am hiring a lawyer

i think an ftc rule would preempt state law that conflicts with the ftc rule. there's a lot of supreme court juris prudence on preemption. on that one issue, i think ms. ohlhausen is correct. >> that's a powerful agency that can do that. what do you think, mr. reed? have you read the article? anyone read the article? >> we've jumped onto the rule making. i think when it comes to the protection of children online, we've been a strong supporter of the children's online privacy protection act. one of things, though, that i was -- and i'll repeat this for the chair, is it's worth noting that on all of these rules, we run into a situation where we're all taking about compliance. to me, in a small business capacity, compliance means lawyers. that doesn't mean developing products, that doesn't mean people doing the job that they need to do. so what really the ftc needs to have as part of this resource is to make sure they're doing better job educating people what the rules are, how you follow them, what the expectations are and get back some of that trust. if we're on

the ftc act while the ftc has accomplished a lot, this law does not establish clear standards for everyoneto follow before problems occur, and our big gaps in its protection, creating uncertainty for the marketplace. many in congress on both sides of the aisle have criticized the ftc for these problems. too strong, too weak, too much, too little. but with respect, it is congress that needs to fix the problem by passing a law with clear standards for the ftc and the public. finally we now all of us understand that concerns surrounding the use of personal data reach well beyond traditional notions of privacy, to issues like discrimination, algorithmic fairness, accountability, whistleblower protections, dark patterns, protecting our kids come data portability and even with respect to data security are critical infrastructure. a privacy law would address many of these issues at least in part achieving far more than could be achieved by adding yet more requirements to the confusing mix of laws we now have in the united states. thank you so much for inviting me here today. i stand ready to assi

the ftc has accomplished a lot. there are big gaps in it protections creating uncertainty for the marketplace. many in congress on both sides of the aisle have criticized the ftc for these problems. too strong, too weak, too much, too little. it's congress that needs to fix the problems by passing a law with clear standards for the ftc and the public. we now understand that concerns surrounding the use of personal data reach well beyond traditional privacy to issues like discrimination, algorithmic fairness and even with respect to data security, our critical infrastructure. thank you so much for inviting me here today. i stand ready to assist the sub committee and its members and staff with ongoing work related to consumer protection and privacy. >> thank you very much. last but not least, you're recognized for five minutes. >> thank you. it undermines democracy and our ability to deal with life threatening crisis such as covid. why is this happening. why are we here? the truth is social media companies discovered

ftc act.basic transparency, choices. accountability. there aren't -- there isn't a data security law that applies across the country. and, you know, you may not want this in a law. but, you know, access, correction, deletion, all of those types of rights that you see in law after law. anti-discrimination provisions. all of that. the ftc has to examine a specific company and decide after the fact using its authority to police unfair or deceptive practices whether a practice was unfair or deceptive. but there aren't clear requirements. all those elements aren't clearly required in any nationwide law that applies across different situations. and so as i think i said in my testimony, the ftc's been able to do a lot with its authority under the ftc act. but it would be so much better for the public, for consumers, for businesses, everybody in the marketplace to have rules that everyone knows what they are and they know what the consequences are if they violate them. >> thank you very much mr. lane,

is that something the ftc can do? >> we do work closely with local police offices and have -- >> have you put together a training for them even just a deck of slides for police departments to use to train all police officers? >> i don't know that we've specifically done a training for police officers, but we do have a tool kit actually on stopping gift card scams. and the driving force of the messages that gift cards are for gifts, and that tool kit is targeted toward retailers and gives them information they can display in their stores. >> super helpful. well, maybe then on this committee we'll have recommendations because that's what our committees do. but just from this hearing alone i hope you will take some of the information you learned here and implement it. >> well, thank you very much, senator. thanks senator gillibrand. we'll turn to genitor blumenthal. >> thank you, mr. chairman. and thank you to you and senator scott for having this hearing. i'd like to talk about robo calls, which are a bane of all of our

for defrauded consumers under section 13 b of the ftc act. i cannot underscore how vital this tool has been to put money back into people's product. the economic impact of the pandemic has been devastating. particularly so on older adults who may be on fixed incomes. as a law enforcement agency, we are committed to providing redress to defrauded consumers. to do so effectively and efficiently, we need a fix for 13 b, finally, the ftc devotes considerable resources in engaging in outreach and education for older adults. since 2014, pass it on has been the fraud prevention campaign for older adults, to enable people to understand scams and to literally pass on information about them to friends and family. in addition, the ftc's continued to reach communities during the pandemic conducting nearly 100 pandemic related outreach events with partners in fiscal year 2021. to sum up, i hope it's clear that protecting older adults is a priority for the ftc, the devastating impact of the pandemic on older adults has only emboldened its work, and finally

>>> then our first interview since taking the job we'll hear from ftc chair lina kahn and early take on blizzard merger >>> later on 5g launches today, but with some concerns from airlines verizon ceo weighs in and we'll discuss the impact for you, your flying and your money. >>> we'll start squarely with tech stocks having a rough start to the new year. nasdaq 8% from the all-time hieing come off a 2.6 drop yesterday. mike santolli looking at moves underneath the surface hey, mike. >> hey, carl we have slight moves today cloud and software trying to bounce a little bit and ark was up earlier and banks and value down but in general it's tough. the pressure has been pretty constant here's a divergence of old and new economy in one sector in finance that is kind of interesting. you know i like what i would call romcom charts they start together and they have this divide and go apart together and come back and kiss at the end this is over a three-year period you have parallel performance among the fintech and the s&p 500 banks etf and something similar that has gone on in cloud software

ftc has a vibrant program to combat robocalls. we've recently settled with cruise line grand bahamas. we brought some 150 law enforcement actions and coordinated with all of our state partners including arizona. so both in terms of law enforcement and consumer outreach, it's a significant part of the work that we do. >> do you know, what is the rate of robocalls? is the number that consumers are receiving, has it been lately trending up or down? >> [ inaudible ] reported to us, it's held pretty stable at about 450,000 a month. what we're seeing are the call blocking technologies are working. recently stir shaken has been deployed among the larger carriers, and senator blumenthal mentioned this, in june of this year. and obviously a lot of issues remain with the smaller voip service providers that senator blumenthal also talked about. we've sued a number of them, our state partners have sued them, doj has sued them. so there is significant law enforcement work to clamp down on these unwanted calls. we're not there, there's no quest

finally the ftc --. 2014 pass it on has been the ftc's signature frautd prevention campaign for olderlts. robust compendium of resources to enable people to understand scams and pass on information about them to friends and family. in addition the ftc's continued to reach communities during the pandemic conducting nearly 100 pandemic-related outreach events with partners in fiscal year '21. to sum up, i hope it is clear protecting older adults is a priority for the ftc. devastating impact of the pandemic on older adults has only emboldened its work. and finally restoring the ftc's ability to obtain monetary relief under 13b is critical to enable the agents to continue to provide redress to all those harmed by unfair and deceptive acts and practices. thank you very much. and i look forward to your questions. >> thank you ms. greisman for your statement. we'll now turn to ms. williamson. you may begin. >> mr. chairman, ranking member scott and members of the special committee on aging, thank you for inviting me to testify today regarding frauds and scams aimed at older adults during the

the ftc devotes resources to outreach and edgy patient for older adults. pass it on has been the signature campaign for older adults. it has a bunch of resources to understand scams and pass on information to friends and family. the ftc continues to read during the pandemic. they have nearly 100 outreach related events. i hope that protecting older adults is a priority for the ftc staff thank you very much and i look forward to your questions. >> thank you for your statement and that we will turn to ms. williamson. >> mr. chairman and members, thank you for inviting me to testify today regarding fraud and scams in older adults during the covid-19 pandemic stop i offer my testimony on behalf of low income clients of the national consumer law center. the national consumer law center uses its expertise on consumer law and energy policy to work for consumer justice and economic security for low income people at n. c. l. c. i focus on issues impacting older consumers provide training through the , national center on law and elder rights and direct our racial ju

protecting older adults is a poor element of the ftc's work. we know older adults are targeted and adversely affected by a wide range of kames. as many have mentioned the pandemic has exacerbated the unfair marketing and has had a particularly devastating impact on the health and finance of the older community. in 2020 the ftc's computer sentinel network logged nearly 5 million reports from consumers. older adults reports fraud from consumers who voluntarily identify themselves as over age 60. three observations, first as a general matter younger adults age 20 to 59 are more likely to report losing money to fraud than older adults. but quite disturbing is that older adults reported much higher individual median losses than younger adults. and in fact people age 80 and above reported. second, we observed older adults are more likely than younger adults to lose money to certain types of scams, mainly technical support scams, prizes and sweepstakes and family and friend impersonation scams. and that last category includes grandparents scams. the t

let's get back to that important interview with lina khan here she is talking about how the ftc makespotential deals to focus on >> we are severely underresourced the -- we have around 1100 folks that's fcc the fed hount counts is around two-thirds of what it was. they've actually declined at various points in the last decade so, when you have, like we did over the last year, a doubling of, in terms of deal volume, our resources stay the same. the same number of people responsible for investigating the transactions the number of transactions has dramatically increased that creates significant strain and we have to make choices about what deals we're going to insure we're investigating but they're very real trade offs on what the work is going to come at the expense of. >> can you speak the trade offs. there's business leaders watching and listening to your words right now. we're going to go after this company, but we're not going to. maybe there's going to be a deterrent effect and that will have a greater impact creating the market you want and from an efficiency standpoint -- i don'

now they've been advised by the ftc concerns regarding the transaction cannot be addressed adequately by terms of the proposed consent order and therefore they're going to be potentially sued by the ftc. so that's what the news is. >> that's the new world. take what's so good too. >> look at what jonathan canner said yesterday head of antitrust for doj, we're in an area where the dwoft seeks to block a deal rather than ask for concessions. >> we've seen so many where they ask for concessions and people made fortunes. >> there's a belief that behavioral remtedies are not effective. either go to court and stop it or don't. >> very much an eu line of thought. american express, the stock was down badly when the headlines came out, and i like to speak to the company and the company's asked me why is it down,and i' asking them why is it down, the answer is it shouldn't be down people don't understand that there's a lot of robo headlines. david, oh, the stock was down. whatever, now ge, we're going to speak to larry culp. that is a very tough call ge. >> yes >> what do you mean it's a tough

caroline: great to have some time with you about all things ftc. coming up, we discuss the controversy surrounding activision and the effort to change gaming culture. stick with us. this is bloomberg. ♪ romaine: today's triple take is focused on the big deal of the day -- microsoft did for activision. this is a company that has been dealing with lots of legal scrutiny about its culture. we are talking about activision, not necessarily microsoft. makes the timing of this a little bit curious. caroline: curious, but perhaps why they went for the timing. the ceo of activision facing a lawsuit in california and the ftc is investigating. you've heard these complaints about discrimination and harassment, and the ceo potentially knew about it. they have been interned -- they have been trying to improve the culture but how can they move on it? romaine: we should point out this isn't just activision. we've heard anecdotal evidence saying that there is a broader culture in this industry that in their mind needs to be changed. taylor: let's get some more insi

all these big deals and everyone is relatively on equal footing there are someconcentrations that the ftcl have to look at pretty closely, especially if you're already in tech and therefore what are the opportunities and risks in front of you, but we think you'll see very fair, stern looks across any of these major deals. >> right that's certainly what we expect in the months ahead on this one, bob. appreciate you giving some guidance on it great to see you bob peck. >> thanks for having me. appreciate it. >>> speaking of regulation, the ftc and doj are holding news conference -- a news conference in less than an hour, laying out a muscular anti-trust agenda that could put even greater scrutiny on deals just like microsoft. let's bring in our julia boorstin good morning, julia. >> well, jon, this nearly $70 billion acquisition of activision blizzard is by far micro soft's biggest followed by link e linkedin now here is how activision bobby kotick explained why the combined company does not create monopoly power >> one of the motivations that we had for a partnership with microsoft is the

the ftc then filed an amended complaint. it accuses facebook of resorting to an illegal buy or bury scheme to maintain it dominance in the market. the judge said that this time, the ftc offered better evidence that facebook or meta has an alleged monopoly. in a released statement, that meta company spokesperson said today's decision narrows the scope of the ftc case by rejecting claims about our platform policies. it also acknowledges that the agency faces a tall task , proving its case regarding two acquisitions a cleared years ago. our investments in instagram and whatsapp transformed them into what they are today. they have been good for competition, and good for the people and businesses that choose to use our products. >>> still ahead on kpix 5 , and streaming on cbsn bay area a medical helicopter crashes outside of a church will carrying a baby to a hospital. the incredible story of survival . >>> a social media sideshow shaming, the embarrassing moment caught on camera for a bay area driver doing donuts. >>> orders pl

. >> formerly known as facebook, a federal judge gave clearance to the ftc ftc after dismissing the suitar. the federal trade commission is arguing that metta is monopolizing other tech companies to suppress competition through a buy or bury strategy. ensure was seen at ces holding major tech companies accountable for moves like this is uncharted territory. >> when it comes to the advancement of business and the advancement of the tech industry in general, what's right or wrong? and when is it anti competitive? hey, babe, you're not. let's imagine a world where it's facebook did not acquire instagram or didn't by what's happened or even opulence. write that the ar headset company. how different would the world be? it's really hard to tell. and these what ifs are part of what that lawsuit is about. >> this is the ftc's second antitrust run at the company. >> news. what one dating apps as you will have to say. yes to in order to find love in 2022. plus, maya angelou has become the first black woman to appear on the u.s. quarter. earlier today we talked with congresswoman barbara lee who wo

. >>> a federal judge has ruled that the ftc antitrust case against a facebook parent company meta can proceed. it comes months after the first complaint was thrown out last year. the amended version accuses facebook of using an illegal by arbery scheme to maintain its dominant in the market. the judge said this time the ftc offered better evidence to prove the claim, but in a statement, a meta spokesperson said it will be a tall task, adding, quote, our investments in instagram and whatsapp transformed them into what they are today. they've been good for competition, good for the competition people and businesses that choose to use our products. meanwhile, a separate discotheque firm is making headlines this evening for asking their employees to work less. coming up tonight at 11:00, betty yu shows us how a permanent 4 day work week is already paying off. >>> parents and one bay area city working overtime tonight to keep their schools open. >> if there's ever been anything in my career that is more energizing, inspiring. >> they are offering to do everything from serving up lunch to t

ftc. are trying to figure out which of those bodies will have oversight over this one. but certainly it will come under a lot of scrutiny. i would expected to take over a year to be approved. the companies have said we will not see it approved until 2023 at the earliest. we will be talking about this for a long time, given how much is at stake. emily: let's talk about the controversy surrounding activision, blizzard, there has been calls for the ceo to step down. he is staying in that job, according to the terms of the deal. talk about why microsoft is taking this risk. talk about making gaming more of an exclusive industry. i wonder whether that factored into this deal as a potential risk. >> definitely. to me, it seems like a negligent exit -- an elegant exit. it will take a while to be approved. he will be at the helm until that point. after the deal closes, it is unclear what his future holds. the wall street journal reported he would exit at that time. we are still looking into this. the wording was careful in that statement for microsoft. it doesn't say he signed

antitrust, the ftc has already been gearing up, looking at the rules for antitrust laws i think you aree more of a push than you have already started to see in 2021, you will see more of the push in 2022 with a couple of sectors probably most in focus a ag, health care, farm s pharmaceutical, transportation as well, tech. those are probably the primary areas they will put interest on. >> some interests we don't talk about like ag, health and transportation at the risk of sidelining them, let's ask on the tech piece of it if i'm an investor in facebook, amazon or apple, what are the big risks you see out there in terms of policy? >> you know, i'm not sure that we are talking about that breakup, but i think the focus of these investigations and policy initiatives will be heavy on data security, privacy, consumer rights, that area so i think that's -- and i kind of know that in with antitrust, because i think the ftc will use the antitrust powers to get sbeeinto these areas in addition to the consumer protection role >> with that said, is it a lot of big announcements but not a big market

the ftc says it created an illegal social media monopoly when it required key competitors. instagram and whatsapp. the same judge actually dismissed the government's lawsuit last year but today the revised case, the ftc we filed is backed by more robust facts. >> new numbers are out when it comes to law enforcement. the national law enforcement officers memorial fund reports that 458 officers died in the line of duty last year. that's up 55% from the previous year. of those deaths 30 is were due to covid. that makes covid the leading cause of death among law enforcement officers in 2021. we're still waiting on details of the public memorial service for john madden. we know this february 15th it will happen, the public memorial in oakland. today the legendary raiders coach was honored in the house of representatives right there on the floor of the house. congressman eric swalwell who represents pleasanton and parts of the east bay where madden lived for most of his life led this special order. >> words such as legendary and iconic have deservingly been used to describe john

lena khan and jonathan candor, to lead the antitrust efforts of the ftc and doj.these are people that believe in competition. they're going to build strong cases. congress needs to do its part. we need to make sure they have the resources, and we need to make sure that they have the tools to be able to wage these battles. otherwise, we are going to continue to see companies like amazon squeeze consumers, no matter who is president or no matter what crisis of the day we are dealing with. it's important we step up on our side as well. thank you. senator cassidy, back to you. >> thank you. it appears five minute limits are off. i may go -- >> i apologize. please, go as long as you need to, senator cassidy. >> [laughs] i have a series of questions for you, miss sacks. first, your testimony speaks the need to have, kind of, a comprehensive arrangement between countries, or blocks, if you will, if we take the eu as a block, in order to have some sort of, and i think i'm summarizing, although i'm sure you will find something. the reason i say this is i have been told tha

the ftc has moved forward for a while defining bands for 5g. they are just talking past each other.t has come to a head where the airlines are saying, look, we have to cancel thousands. many canceled today because they didn't know they were going to have trouble landing it is especially a problem in bad weather where radio atmeters are out in front of them it has to get to a mutual meeting of the minds here. >> all we've said is out of an abundance of caution children can't play on an outside airport. >> thank you for bringing some rash and calmness to it. we appreciate it >> thank you, brian. we'll be safe in the air for sure don't miss verizon chairman coming up at 8:30 a.m. on this very issue my guess is, le take the other side of the story. on deck, stocks with steep losses bracing for earnings here to make sense of all of the market volatility. former tech titan high on her radar right now. the general reminder, if you haven't already, check out or podcast. check it out later in the day. futures are up as well oil prices up. more after this. and your customers want seamless and

congress would provide better tools to the ftc and department of justice. we could also make it easier the agencies to reject such mergers in the first place. by promoting competitive markets we can foster a stronger american economy and a stronger american democracy. i look forward to discussing these issues today. i appreciate all of our witnesses who are joining us. i look forward to hearing about your insights and your experiences. next, i'm going to turn to ranking member cassidy for your opening remarks. senator cassidy. >> good morning. thank you for being here. thank you to our witnesses for taking time to testify. senator warren and i have agreed to a bipartisan hearing on promoting competition, growth and privacy protection in the technology sector. i will focus my time on the privacy aspect of this and on the data broker industry. the data broker industry relatively unknown to most americans but its practices and techniques are interwoven into our lives. data brokers build profiles on certain individuals and sell that information to those who may

i don't ninth ftc merger policy on pharma has been helpful. the study in the spring is and i pop her. 67 companies allowed to merge with targeted divestitures. we are talking about therapeutic value defined market so we need to revisit how we look at pharmaceutical mark -- markets in the antitrust context. remedies are beginning to have a bad name. the larger the company, the more concentrated the merger and the more pressure there is on remedies to restore competition. that goes for price and quality. we are seeing a growing list of failed remedies in all sectors including the pharmaceutical sector specific. to revitalize competition and innovation competition in pharma will take some major changes in how antitrust enforces look at those mergers and the policies they pursue. we strongly need support for congress and the bills you have put out which would be designed to support stronger enforcement but to also address some of the issues we have elsewhere in the intellectual-property space, the fda drug approval space and opening up possibiliti

hey, babe, you're not. >> this is the ftc's. second attempt to sue the company over alleged antitrust violations. >> still ahead tonight, maya angelou making history again becoming. >> the first black woman to appear on a u.s. quarter. we'll hear from the bay area lawmaker who made it all possible. >> and we mentioned the upcoming football raiders action niners in action and college hoops. sports director jason dumas says sports. when we come back. >> and a new pledge to help house the homeless. how governor newsome plans to prioritize those with prioritize those with behavioral health issues. - hi mommy! - hi honey! oh i missed you! you just want to video call the kids. ok. ♪ hush little baby...♪ ♪...don't say a word...♪ but if slow upload speeds turn your goodnight call into an accidental horror movie... can you hear me? shut it down. just remember. you're not a bad mom. you just need better internet. at&t fiber delivers faster upload speeds for more reliable video calls. get at&t fiber, plans starting at $35 a month for a yea

congress could provide better tools to the ftc and department of justice to investigate anticompetitive mergers and break up the companies that have had our economy down. we can also make it easier for agencies to reject such mergers in the first place. by promoting comparative market consumers and workers, we can foster a stronger american economy and stronger american democracy so i look forward to discussing these issues today and appreciate all of our witnesses joining us and look forward to hearing about your insights and experiences. next, ranking member kennedy -- kassidy, sorry for your opening remarks. senator cassidy. >> senator warren, good morning. thank you all for being here today and thank you for our witnesses for taking the time to testify. we agreed the bipartisan competition growth and privacy protection the technology sector, i will focus my time on the privacy act the broker industry. it's relatively unknown to most americans, best practices and techniques into our lives. certain attributes and the information sold to those who may see fit or wish to purchase. a big