Categories
State Business and Economy News

TikTok bill faces uncertain fate in the Senate as legislation to regulate tech industry has stalled [Video]

The young voices in the messages left for North Carolina Sen. Thom Tillis were laughing, but the words were ominous.OK, listen, if you ban TikTok I will find you and shoot you, one said, giggling and talking over other young voices in the background. Ill shoot you and find you and cut you into pieces. Another threatened to kill Tillis, and then take their own life.Tilliss office says it has received around 1,000 calls about TikTok since the House passed legislation this month that would ban the popular app if its China-based owner doesnt sell its stake. TikTok has been urging its users many of whom are young to call their representatives, even providing an easy link to the phone numbers. The government will take away the community that you and millions of other Americans love, read one pop-up message from the company when users opened the app.Tillis, who supports the House bill, reported the call to the police. What I hated about that was it demonstrates the enormous influence social media platforms have on young people, he said in an interview.While more aggressive than most, TikToks extensive lobbying campaign is the latest attempt by the tech industry to head off any new legislation and it’s a fight the industry usually wins. For years Congress has failed to act on bills that would protect users privacy, protect children from online threats, make companies more liable for their content and put loose guardrails around artificial intelligence, among other things.I mean, its almost embarrassing, says Senate Intelligence Committee Chairman Mark Warner, D-Va., a former tech executive who is also supporting the TikTok bill and has long tried to push his colleagues to regulate the industry. I would hate for us to maintain our perfect zero batting average on tech legislation.Some see the TikTok bill as the best chance for now to regulate the tech industry and set a precedent, if a narrow one focused on just one company. President Joe Biden has said he would sign the House bill, which overwhelmingly passed 362-65 this month after a rare 50-0 committee vote moving it to the floor.But its already running into roadblocks in the Senate, where there is little unanimity on the best approach to ensure that China doesnt access private data from the apps 170 million U.S. users or influence them through its algorithms.Video below: Former treasury secretary, ‘shark’ show interest in buying TikTokOther factors are holding the Senate back. The tech industry is broad and falls under the jurisdiction of several different committees. Plus, the issues at play don’t fall cleanly on partisan lines, making it harder for lawmakers to agree on priorities and how legislation should be written. Senate Commerce Committee Chairwoman Maria Cantwell, D-Wash., has so far been reluctant to embrace the TikTok bill, for example, calling for hearings first and suggesting that the Senate may want to rewrite it.Were going through a process, Cantwell said. Its important to get it right.Warner, on the other hand, says the House bill is the best chance to get something done after years of inaction. And he says that the threatening calls from young people are a good example of why the legislation is needed: It makes the point, do we really want that kind of messaging being able to be manipulated by the Communist Party of China?Some lawmakers are worried that blocking TikTok could anger millions of young people who use the app, a crucial segment of voters in November’s election. But Warner says “the debate has shifted from talk of an outright ban a year ago to the House bill which would force TikTok, a wholly owned subsidiary of Chinese technology firm ByteDance Ltd., to sell its stake for the app to continue operating.Vice President Kamala Harris, in a television interview that aired Sunday, acknowledged the popularity of the app and that it has become an income stream for many people. She said the administration does not intend to ban TikTok but instead deal with its ownership. We understand its purpose and its utility and the enjoyment that it gives a lot of folks, Harris told ABC’s This Week.”Republicans are divided. While most of them support the TikTok legislation, others are wary of overregulation and the government targeting one specific entity.The passage of the House TikTok ban is not just a misguided overreach; its a draconian measure that stifles free expression, tramples constitutional rights, and disrupts the economic pursuits of millions of Americans, Kentucky Sen. Rand Paul posted on X, formerly Twitter.Hoping to persuade their colleagues to support the bill, Democratic Sen. Richard Blumenthal of Connecticut and Republican Sen. Marsha Blackburn of Tennessee have called for intelligence agencies to declassify information about TikTok and Chinas ownership that has been provided to senators in classified briefings.It is critically important that the American people, especially TikTok users, understand the national security issues at stake, the senators said in a joint statement.Blumenthal and Blackburn have separate legislation they have been working on for several years aimed at protecting childrens online safety, but the Senate has yet to vote on it. Efforts to regulate online privacy have also stalled, as has legislation to make technology companies more liable for the content they publish.And an effort by Senate Majority Leader Chuck Schumer, D-N.Y., to quickly move legislation that would regulate the burgeoning artificial intelligence industry has yet to show any results.Schumer has said very little about the TikTok bill or whether he might put it on the Senate floor.The Senate will review the legislation when it comes over from the House, was all he would say after the House passed the bill.South Dakota Sen. Mike Rounds, a Republican who has worked with Schumer on the artificial intelligence effort, says he thinks the Senate can eventually pass a TikTok bill, even if it’s a different version. He says the classified briefings convinced the vast majority of members that they have to address the collection of data from the app and TikTok’s ability to push out misinformation to users.I think its a clear danger to our country if we dont act, he said. It does not have to be done in two weeks, but it does have to be done.Rounds says he and Schumer are still holding regular meetings on artificial intelligence, as well, and will soon release some of their ideas publicly. He says hes optimistic that the Senate will eventually act to regulate the tech industry.There will be some areas that we will not try to get into, but there are some areas that we have very broad consensus on, Rounds says.Tillis says senators may have to continue laying the groundwork for a while and educating colleagues on why some regulation is needed, with an eye toward passing legislation in the next Congress.It cant be the wild, wild west, Tillis said.

Categories
State Business and Economy News

Should you sell your home now or wait for the Realtor settlement this summer? [Video]

Listing your home in the spring used to be a no-brainer. But a major real estate shakeup is complicating the equation.That shakeup is coming from a $418 million settlement the National Association of Realtors announced last week with groups of homesellers that could go into effect as early as July. The settlement will eliminate the long-standing standard 6% commission paid by the seller, which could ultimately make it cheaper to sell your home post-settlement.But is it worth waiting to list your home and potentially risking a sale?Why’s spring such a popular time to buy a home, anyway?Would you rather be unloading boxes from a moving truck in a potential snowstorm or heatwave as opposed to when it’s a pleasant 60-degree day?That’s one of the main reasons spring has been the most popular season to buy a home.For families with children, it’s also an ideal time to close on home because it would allow them to stay in the same school.By springtime, people are also more likely to have paid off any debt they took on over the holidays, said Phil Crescenzo Jr., the southeast division vice president at Nation One Mortgage Corporation.The case for getting in on spring homebuying seasonThe settlement could present a major downside to homebuyers.Under the current system, the buyer’s agent’s commission is baked into the total they pay for a home. That meant buyers could pay that added cost over the entire length of their mortgage.But after the settlement is finalized, many may have to pay flat fees upfront to agents. That would add to the financial burden for homebuyers especially first-timers. And that’s on top of coming up with all the money they need for a home downpayment, closing costs, a lawyer and all the other fees associated with buying a home.Buyers, therefore, may have more of an incentive to close on a home sooner rather than later.There’s also no guarantee a federal court will sign off on the settlement as is. The unknowns associated with that are enough of a reason not to wait to list your home, said Crescenzo. From conversations he’s had with real estate agents, he said he’s not seeing any signs that the NAR settlement is delaying listing activity.”There is no reason to wait,” Mike Downer, a broker associate with Coldwell Banker Realty in Naples, Florida. “The seller does not currently need to provide any compensation to the buyer’s agent.”The case for waiting until the summerThe biggest advantage of waiting to list your home until the settlement is finalized is being able to negotiate an agent’s commission down more than they otherwise would’ve been able to. On top of that, they may be able to avoid having to pay the buyer’s agent’s commission.That could allow them to pocket thousands of dollars more on the sale of their home.If selling your home boiled down to a business decision, Mike Downer, a broker associate with Coldwell Banker Realty in Naples, Florida, said he’d try to list it as soon as possible.”If I am trying to test the market, there would be no need to list it ,” he added.But in his view, the NAR settlement shouldn’t be a major consideration when it comes to timing.”An agent who provides value will always be worth more than an agent who does not provide value,” because they can help you net more money for the sale of your home, he said.