Facebook Endorses the Honest Ads Act

Published on: 06 Apr, 2018

Facebook, Inc. (NASDAQ: FB) CEO Mark Zuckerberg announced Friday that he endorses a legislation to regulate political advertisements across the internet. According to Reuters, the law proposed, the Honest Ads Act, would require digital platforms with at least 50 million monthly views to maintain a public file of election related communications purchased by any users spending more than $500.

Zuckerberg’s endorsement of the law comes just days before his scheduled testimony in front of a senate committee.

“Election interference is a problem that’s bigger than any one platform, and that’s why we support the Honest Ads Act,” Zuckerberg wrote in a Facebook post on Friday. The CEO also explained the problems with ‘issue ads’, which are not directly related to an election or a candidate. Instead such ads are created and posted by various interest groups, lobbying organizations and wealthy donors who want to have an indirect impact on legislation.  

Zuckerberg noted that every advertiser who wants to run an issue ad will need to confirm their identity and location.

In an official blog post Facebook announced additional measures this Friday, designed to prevent misinformation on its platform. According to the post, “people who manage Pages with large numbers of followers will need to be verified. Those who manage large Pages that do not clear the process will no longer be able to post. This will make it much harder for people to administer a Page using a fake account, which is strictly against our policies. We will also show you additional context about Pages to effectively assess their content. For example, you can see whether a Page has changed its name.”

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Danny Abramov

Email: danny@financialinsiders.com

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