California Treasurer John Chiang says social media is taking over the role that broadcast TV and radio played in the last century. Chiang is looking for the federal government to have oversight and accountability over the social media companies. Chiang hopes with the proper regulations, social media could grow to provide consumers meaningful protections to safeguard privacy rights, advance democracy and curtail fake news. According to Chiang, the digital platforms have became the main sources for news, entertainment and public debate.
He adds social media, unlike its predecessors, harvests information about their users politics, buying habits, belief systems and personality traits that's free from standards and oversight.