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Will TikTok Ban Kill Tech M&A and Be a Patriot Act 2.0 ?

edited April 2023 in Other Investing
An interesting take on the new Restrict Act opening a back door way of digital surveillance and prevent tech mergers https://salon.com/2023/04/02/patriot-act-on-steroids-left-and-right-unite-against-fear-mongering-tiktok-ban/

An excerpt:
That doesn't appear to square with the actual language of the bill. Although most of its legislative language is clearly geared toward controlling corporate mergers — and giving the president a new tool that can force a foreign company to divest itself of U.S. interests — there's no specific provision that protects individual users of banned websites or software. Instead, it would give an appointed presidential committee the power to make new rules and enforce them, with little oversight.

How could those new powers pose a threat to individual users? First, there's a real possibility that, according to the current version, an individual user could face criminal charges for downloading or accessing banned content, such as through the use of a virtual private network. Depending on the appetite for enforcement, the penalties could include up to 20 years in prison for using a VPN to access a banned site — and, in some interpretations, up to $1,000,000 in fines.

Another threat is the lack of transparency and accountability the bill grants the appointed committee that would decide which apps to ban. The lack of judicial review and reliance on Patriot Act-like surveillance powers could open the door to unjustified targeting of individuals or groups….

….Across its 55 pages, the Restrict Act offers a lot of winding, tricky language with room for broad interpretation. Concerns are emerging about how the bill could threaten civil liberties and First Amendment rights, especially considering its vague language, lack of oversight for sweeping new executive (not elected) authorities, and the secretive nature of the FISA courts, which rule on a range of intelligence and surveillance cases.
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