Hi,
[ [link removed]- ]Big Tech is rapidly expanding its control over the payment systems we
use to purchase goods and services. We can't let tech giants Amazon,
Apple, Facebook, and Google tighten their stranglehold on our economy.
[ [link removed]- ]ADD YOUR NAME
Whoever controls payment systems — the part of the website that transmits
your payment info to banks and other financial services — gets access to
an extremely valuable commodity: consumer financial data. Information
about what we buy, when, and where is a treasure trove. It helps Big Tech
fine tune the targeted ads it feeds you, assess whether you pose a credit
risk, and more.
Big Tech companies like Facebook use consumer financial data to become
more profitable, expand its monopoly, buy more data — and the cycle
continues.
[ [link removed]- ]Sign the petition: Federal regulators need to ban ownership of payment
systems by the dominant tech platforms!
The Consumer Financial Protection Bureau (CFPB) is investigating this very
issue right now.^1 We need to make sure the CFPB hears from Americans who
refuse to let their private financial information fall into the hands of
big corporations — and who will not let Big Tech crush small businesses,
exploit workers, and expand their monopolies.
Recent history has shown that when it comes to Big Tech, a regulatory
approach doesn’t always go far enough. Facebook kept ignoring privacy laws
even after repeated warnings from the government, resulting in a
record-breaking $5 billion fine in 2019.^2 The CFPB must ban Big Tech from
owning payment systems.
Big Tech can't be trusted to play by the rules when the financial reward
for breaking the law is so high. Congress has already found that Amazon,
Apple, Facebook, and Google all routinely engage in illegal monopoly
behavior in order to squeeze out smaller competitors.^3 And Big Tech will
continue to consolidate its power unless federal regulators block the
dominant platforms from gaining access to consumer financial data.
[ [link removed]- ]Sign the petition: The CFPB must block Big Tech from owning payment
systems! The last thing we need is for Big Tech to have access to more of
our personal information and more ability to influence our day to day
lives.
Thanks for taking action,
Izzi and the team at Demand Progress
[ [link removed]- ]DONATE
Sources:
1. Consumer Finance Protection Bureau, "CFPB Orders Tech Giants to Turn
Over Information on their Payment System Plans," [ [link removed]- ]October 21, 2021.
2. Federal Trade Commission, "FTC Imposes $5 Billion Penalty and Sweeping
New Privacy Restrictions on Facebook," July 24, 2019.
3. House Committee on the Judiciary, "Investigation of Competition in
Digital Markets," [ [link removed]- ]2020.
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