Facebook CEO Zuckerberg to urge US to update 'rules for the internet' at Antitrust Hearing

Chief Executive Officer (CEO) of Facebook Mark Zuckerberg will tell a major antitrust hearing to be held on Wednesday, July 29, that the internet giant would not have succeeded without US laws fostering competition, however, these rules of the internet now need updating.

In his prepared remarks ahead of what will be a closely-watched House Judiciary Committee hearing, Zuckerberg will say "Facebook is a proudly American company and which would not have been possible without US laws that encourage competition and innovation".

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His prepared remarks also acknowledge the concerns about the 'size and perceived power that tech companies have'. He called on for a more active role for governments and regulators and updated rules for the internet.

The unprecedented hearing on Wednesday will also feature the CEOs of four powerful companies in the world. Chief executives Tim Cook of Apple, Jeff Bezos of Amazon and Sundar Pichai of Google and its parent firm Alphabet will testify virtually at the antitrust hearing.

The showdown in the House of Representatives comes less than 100 days before the US election and also amid rising concerns over Big Tech dominance, which has become even more pronounced during the coronavirus pandemic.

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Zuckerberg's prepared remarks will also claim that companies shouldn't be making so many judgments about important issues like harmful content, privacy, and election integrity on their own. The Questions at the hearing are expected to veer into issues ranging beyond whether the technology giants are abusing their power in marketplaces.

The current US antitrust laws make it challenging for enforcers to target companies simply for being large or dominant without showing harm to consumers or abuse of market power. Facebook believes in values like democracy, inclusion, competition and free expression on which the American economy was built on, Zuckerberg's prepared remarks said.

Companies aren't bad just because they are big

Zuckerberg will be citing the example of China building and exporting a version of the internet focused on 'very different ideas' from the US model. Zuckerberg will also highlight the importance to maintain the core values of openness and fairness that have made America's digital economy a force for empowerment and opportunity, in the country and around the world.

The CEOs are also expected to stress how they benefit consumers, particularly during the pandemic, and face competition, particularly from China. The antitrust debate is being confused by a rising 'techlash' over a range of issues from privacy to economic inequality to political bias.

Zuckerberg will also say "Facebook is a successful company now and the company got there the American way. It started with nothing and provided better products that people find valuable. He will also claim that companies aren't bad just because they are big as many large companies that fail to compete cease to exist.

US President Donald Trump has accused Facebook has for failing to control the hateful content promoting violence. Social media giants also faced attacks for allegedly using their dominance to stifle conservative views as per a claim made by Trump.

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Inputs: Agency/ Image: AP