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Social Media Bank Run Act

12/15/2023, 3:56 PM

Summary of Bill HR 2396

Bill 118 hr 2396, also known as the Social Media Bank Run Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address concerns about the power and influence of social media platforms by allowing users to collectively withdraw their data and information from these platforms in a coordinated manner, similar to a bank run.

The bill aims to give users more control over their personal data and information by requiring social media platforms to provide a mechanism for users to easily export and transfer their data to other platforms. This would allow users to switch between platforms more easily and reduce the power that any one platform has over its users.

Additionally, the bill includes provisions to increase transparency and accountability for social media platforms, requiring them to disclose how they use and monetize user data. It also aims to prevent social media platforms from engaging in anti-competitive practices that limit user choice and innovation. Overall, the Social Media Bank Run Act seeks to promote competition, protect user privacy, and increase accountability in the social media industry. It is currently being debated in Congress and may undergo changes before potentially becoming law.

Congressional Summary of HR 2396

Social Media Bank Run Act

This bill requires the Financial Stability Oversight Council to (1) monitor social media platforms for indications of potential bank runs or financial panics that could threaten the financial stability of the United States, and (2) report its findings to Congress. 

Current Status of Bill HR 2396

Bill HR 2396 is currently in the status of Bill Introduced since March 29, 2023. Bill HR 2396 was introduced during Congress 118 and was introduced to the House on March 29, 2023.  Bill HR 2396's most recent activity was Referred to the House Committee on Financial Services. as of March 29, 2023

Bipartisan Support of Bill HR 2396

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 2396

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2396

Social Media Bank Run Act
Social Media Bank Run Act
To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to monitor social media platforms for indicators of a bank run or financial panic, and for other purposes.

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