How Eric Schmidt Stands to Profit from the Law He Shaped
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** CfA's July 14, 2023 Newsletter
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With your support, Campaign for Accountability is working to expose corruption and hold the powerful accountable.
** This Week's Updates:
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TTP Report: Eric Schmidt Pushed the CHIPS Act, Now Stands to Benefit from It
Yesterday, CfA’s Tech Transparency Project (TTP) released a new report ([link removed]) outlining how former Google CEO Eric Schmidt and his proxies played a major role in shaping the CHIPS and Science Act, which was signed into law in August of 2022. The legislation, which was designed to bolster the U.S. semiconductor industry, is now poised to benefit Schmidt and his allies through their network of investments. TTP reviewed a trove of public records, White House visitor logs, nonprofit documents, and lobbying disclosures to trace Schmidt’s involvement with the development and passage of CHIPS, which appears to be more extensive than previously reported.
Schmidt has spent a considerable amount of time – and money – courting policymakers and accumulating influence. He has also emerged as an outspoken voice ([link removed]) on AI policy, arguing that no one outside of the industry could understand the nuances of regulation, and warning against “premature” and “restrictive” guidelines. Now, as Schmidt-linked entities position themselves to take advantage of CHIPS subsidies, TTP is urging lawmakers to consider the former Google CEO’s financial interest in further legislation.
TTP Director Katie Paul Discusses Children’s Online Safety with Financial Times
The issue of social media and mental health may be reaching a boiling point, as children’s online safety laws move through state legislatures and platforms face increased scrutiny ([link removed]) from public health officials. To discuss the momentum behind this shift, TTP Director Katie Paul joined Financial Times reporter Elaine Murphy on the Tech Tonic ([link removed]) podcast. “We know that the algorithms at work have been designed to manipulate,” Katie said. “Part of that manipulation is making efforts to keep kids online as long as possible and keep eyeballs on ads.”
Tech companies have responded to regulatory threats with a deluge of new, dubiously effective safety features: Meta introduced expanded parental monitoring tools ([link removed]) , while Discord implemented them for the first time ([link removed]) . TikTok, meanwhile, adopted a toothless one-hour screen limit ([link removed]) that can be easily circumvented. These companies are walking a thin line – if they effectively help children spend less time on their platforms, they’ll lose money. If they ignore child safety and wellbeing, they risk a legislative crackdown. As Katie pointed out, Big Tech pours millions of dollars into lobbying to block child safety bills for a reason. “Kids are a huge market for these companies, and it will really cut into
their bottom line if they can no longer collect these data points on children.”
Takeaways from the Latest FTC Hearing
Yesterday, FTC Commissioner Lina Khan appeared ([link removed]) before the House Judiciary Committee to defend her leadership at the agency, which Committee Chair Jim Jordan (R-OH) characterized ([link removed]) as “toxic” in a letter threatening legislative reforms. Jordan opened the hearing ([link removed]) by alleging that Khan had unfairly targeted Twitter after Elon Musk bought the platform and laid off droves of staff – including those who worked to ensure compliance ([link removed]) with Twitter’s existing FTC consent order. While Jordan and his Republican colleagues initially held a united front against Khan, Rep. Ken Buck (R-CO) used his time ([link removed]) to criticize the tech industry’s aggressive lobbying, rather than focusing on a perceived
anti-conservative bias.
What We're Reading
The White House’s top A.I. official says regulation won’t give China advantages over the U.S. in the arms race: ‘It’s like having brakes on a car’ ([link removed])
IRS puts modernization funds into cutting paper workload, beefing up enforcement ([link removed])
Inside the GOP Presidential Candidate Gift Card Ploy Turning Campaign Finance Upside Down ([link removed])
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Here is how you can stay involved and help us accomplish our mission:
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Be on the lookout for more updates about our work in the upcoming weeks. Thanks again for signing up to be a part of CfA!
Sincerely,
Michelle Kuppersmith
Executive Director, Campaign for Accountability
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