Gallego Backs Bill to Ban Social Media Companies from Selling Advanced Access to Government Employees’ Account in Response to Truth API Going Live
WASHINGTON – Senator Ruben Gallego (D-AZ), member of the Committee on Banking, Housing and Urban Affairs, cosponsored the No Preferential Release of Federal Information for Transactions (NO PROFIT) Act , legislation that would make it illegal for social media companies to sell prioritized access to government employees’ accounts that communicate material information. This legislation would make it illegal for a person to knowingly trade in securities, commodities, swaps, or prediction market contracts if the person is doing so on the basis of material information obtained through access to a prioritized account. This bill is a direct result of Truth API, Truth Social’s subscription service for advance access to the president’s posts, going live this month. “While American families struggle to afford groceries, healthcare, and gas, Donald Trump is selling early access to his social media posts for a profit. That’s not a subscription service, it’s corruption in broad day light,” said Senator Gallego. “This bill will stomp out this form of corruption now and forever.” “The president’s company selling prioritized access to the president’s market-moving posts is corrupt and erodes public confidence,” said Senator Warner. “Americans should have free and equal access to public statements made by U.S. government officials. My bill would make sure social media companies can’t sell prioritized access to government employees’ accounts and that someone can’t knowingly trade with information obtained through access to those accounts. Early access to government information should not be sold to whoever will pay the price.” Click here to read the bill.
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WASHINGTON – Senator Ruben Gallego (D-AZ), member of the Committee on Banking, Housing and Urban Affairs, and Senator Mark Warner (D-VA), introduced the No Preferential Release of Federal Information for Transactions (NO PROFIT) Act , legislation that would make it illegal for social media companies to sell prioritized access to government employees’ accounts that communicate material information. This legislation would make it illegal for a person to knowingly trade in securities, commodities, swaps, or prediction market contracts if the person is doing so on the basis of material information obtained through access to a prioritized account. This bill is a direct result of Truth API, Truth Social’s subscription service for advance access to the president’s posts, going live this month. “While American families struggle to afford groceries, healthcare, and gas, Donald Trump is selling early access to his social media posts for a profit. That’s not a subscription service, it’s corruption in broad day light,” said Senator Gallego. “This bill will stomp out this form of corruption now and forever.” “The president’s company selling prioritized access to the president’s market-moving posts is corrupt and erodes public confidence,” said Senator Warner. “Americans should have free and equal access to public statements made by U.S. government officials. My bill would make sure social media companies can’t sell prioritized access to government employees’ accounts and that someone can’t knowingly trade with information obtained through access to those accounts. Early access to government information should not be sold to whoever will pay the price.” Click here to read the bill.
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