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From: Kathy Ruemm|er Sent: 12/4/2018 3:20:07 PM To: jeevacation@gmail.com Subject: Slowing economy could increase pressure on Big Tech - Axios Importance: — High What do we think of this? https://www.axios.com/recession-threat-20 1 9-regulatory-risk-google-facebook-amazon-b8966b22-57dc-426c- 9f4f-5526982383c7.html Slowing economy could increase pressure on Big Tech Sara Fischer, David McCabe, Courtenay BrownS hours ago A potential recession, combined with increasing regulatory threats for some of the biggest tech companies, foreshadows a difficult 2019 for Silicon Valley. Why it matters: The biggest tech companies have already raked tn billions of dollars in profits and benefited from major tax cuts that aren't going to be repeated, so next year isn't likely to be better for them financially. They've also been dogged by scandals that have left many questioning their positive role in society, and if on top of that the economy starts to slip, 2019 could be worse. "People look for scapegoats in a bad economy. And with big tech already on its heels, a downturn probably would feed arguments that the largest internet companies are too big and need to be reined in." — Paul Gallant, an analyst with Cowen Washington Research Group Big Tech is closing out a contentious year in Washington, and potential regulation will continue to haunt it well into 2019. ° Google CEO Sundar Pichai has agreed to testify before Congress, and will likely be asked about whether the company is being transparent about its data privacy practices and any potential bias. By the year's end, the CEOs of Twitter, Google and Facebook will have been called to testified in front of Congress for the first time ever during 2018. ° Lawmakers in the United States are pushing for a federal privacy law with an urgency likely to be exacerbated by more breaches like the one Marriott disclosed last Friday. ° The Federal Trade Commission still has an open investigation into whether Facebook’s conduct violated a previous settlement with the agency. Margrethe Vestager, HOUSE_OVERSIGHT_033420