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The CEOs of Twitter, Facebook and Google are facing a grilling by Republican senators making unfounded allegations that the tech giants show anti-conservative bias.The Senate Commerce Committee has summoned Twitter CEO Jack Dorsey, Facebook’s Mark Zuckerberg and Google’s Sundar Pichai to testify for a hearing Wednesday. The executives agreed to appear remotely after being threatened with subpoenas.With the presidential election looming, Republicans led by President Donald Trump have thrown a barrage of grievances at Big Tech’s social media platforms, which they accuse without evidence of deliberately suppressing conservative, religious and anti-abortion views.The chorus of protest rose this month after Facebook and Twitter acted to limit dissemination of an unverified political story from the conservative-leaning New York Post about Democratic presidential nominee Joe Biden, an unprecedented action against a major media outlet. The story, which was not confirmed by other publications, cited unverified emails from Biden’s son Hunter that were reportedly disclosed by Trump allies.Beyond questioning the CEOs, senators are expected to examine proposals to revise long-held legal protections for online speech, an immunity that critics in both parties say enables the companies to abdicate their responsibility to impartially moderate content.The Justice Department has asked Congress to strip some of the bedrock protections that have generally shielded the tech companies from legal responsibility for what people post on their platforms. Trump signed an executive order challenging the protections from lawsuits under the 1996 telecommunications law.“For too long, social media platforms have hidden behind Section 230 protections to censor content that deviates from their beliefs,” Sen. Roger Wicker, R-Miss., the Commerce Committee chairman, said recently.In their opening statements prepared for the hearing, Dorsey, Zuckerberg and Pichai addressed the proposals for changes to so-called Section 230, a provision of a 1996 law that has served as the foundation for unfettered speech on the internet. Zuckerberg said Congress “should update the law to make sure it’s working as intended.”“We don’t think tech companies should be making so many decisions about these important issues alone,” he said, approving an active role for government regulators.Dorsey and Pichai, however, urged caution in making any changes. “Undermining Section 230 will result in far more removal of online speech and impose severe limitations on our collective ability to address harmful content and protect people online,” Dorsey said.Pichai urged lawmakers “to be very thoughtful about any changes to Section 230 and to be very aware of the consequences those changes might have on businesses and consumers.”Assistant Attorney General Stephen Boyd told congressional leaders in a letter Tuesday that recent events have made the changes more urgent. He cited the action by Twitter and Facebook regarding the New York Post story, calling the companies’ limitations “quite concerning.”The head of the Federal Communications Commission, an independent agency, recently announced plans to reexamine the legal protections, potentially putting meat on the bones of Trump’s order by opening the way to new rules. The move by FCC Chairman Ajit Pai, a Trump appointee, marked an about-face from the agency’s previous position.Social media giants are also under heavy scrutiny for their efforts to police misinformation about the election. Twitter and Facebook have slapped a misinformation label on content from the president, who has around 80 million followers. Trump has raised the baseless prospect of mass fraud in the vote-by-mail process.Starting Tuesday, Facebook was not accepting any new political advertising. Previously booked political ads will be able to run until the polls close next Tuesday, when all political advertising will temporarily be banned. Google, which owns YouTube, also is halting political ads after the polls close. Twitter banned all political ads last year.Democrats have focused their criticism of social media mainly on hate speech, misinformation and other content that can incite violence or keep people from voting. They have criticized Big Tech CEOs for failing to police content, homing in on the platforms’ role in hate crimes and the rise of white nationalism in the U.S.Facebook, Twitter and YouTube have scrambled to stem the tide of material that incites violence and spreads lies and baseless conspiracy theories.The companies reject accusations of bias but have wrestled with how strongly they should intervene. They have often gone out of their way not to appear biased against conservative views — a posture that some say effectively tilts them toward those viewpoints. The effort has been especially strained for Facebook, which was caught off-guard in 2016, when it was used as a conduit by Russian agents to spread misinformation benefiting Trump’s presidential campaign.The unwelcome attention to the three companies piles onto the anxieties in the tech industry, which also faces scrutiny from the Justice Department, federal regulators, Congress and state attorneys general around the country.Last week, the Justice Department sued Google for abusing its dominance in online search and advertising — the government’s most significant attempt to protect competition since its groundbreaking case against Microsoft more than 20 years ago.With antitrust in the spotlight, Facebook, Apple and Amazon also are under investigation at the Justice Department and the Federal Trade Commission.___Follow Gordon at https://twitter.com/mgordonap. 5687

The Federal Reserve is warning that an escalating trade war would pose a big threat to the economy.But for now, it's sticking with its plan to raise interest rates — whether President Donald Trump likes it or not.In minutes of its most recent meeting, released Wednesday, central bankers warned that a "major escalation" of trade disputes could speed inflation and cause businesses to pull back on investment.Such an escalation could also reduce household spending and disrupt companies' supply chains, participants noted.Some business leaders reported that recent tariff increases have already begun to cause higher prices. Others have reduced or delay investment spending because of uncertainty about future trade policy.Still, some Federal Open Market Committee members noted that most businesses concerned about trade disputes hadn't cut back their spending or hiring, but "might do so if trade tensions were not resolved soon."In the meantime, the central bank is standing by its plan for higher rates as the economy strengthens, according to the minutes.The Fed is expected to raise rates twice more this year, starting in September.The Fed meeting, held July 31 and August 1, was the first after Trump began lashing out at Fed Chairman Jerome Powell for hiking rates. The president told CNBC in July that was "not thrilled" with the Fed's actions.He used similar language on Monday in an interview with Reuters, arguing the central bank should be doing more to help the economy."I should be given some help by the Fed," said the president, who himself appointed Powell to lead the central bank.Presidents have historically avoided commenting on Fed policies. The central bank is designed to be independent from political interference.The Fed's minutes made no mention of Trump's criticism as a factor in its decision-making.Since Trump took office, the Fed has raised rates five times, including twice this year under Powell. The Fed has been carefully and gradually raising rates over the past several years to keep inflation in check and prevent the economy from overheating.After two further rate hikes in 2018, it has penciled in three more rate hikes in 2019.Fed Chairman Jerome Powell told the "Marketplace" radio show in July that he was "deeply committed" to maintaining Fed independence."We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently, and we don't take political considerations into account," Powell said in the interview.Powell is expected to speak on Friday at an annual economic symposium in Jackson Hole, Wyoming. 2611

The Food and Drug Administration (FDA) has cleared the way for a generic version of EpiPen to be created.The FDA’s approval for a generic version, which will be created by Teva Pharmaceuticals, could help alleviate issues like high cost for the life-saving allergy medication.Two year ago, prices for EpiPens skyrocketed, as manufacturer Mylan raised rates from less than 0 for a two-pack to close to 0.But new action by the FDA paves the way for a generic form of the drug, so pharmacies can now offer a generic form to customers, without having to call the doctor to write a new prescription."Oh, it's a huge deal for consumers because the current price is astronomical for a drug that you hope never to use,” says Gerard Anderson, a professor at Johns Hopkins University who has testified about drug prices before Congress.EpiPens have been experiencing shortages, made even worse by the back-to-school orders placed by parents. Anderson says this move to create generic forms should help with the supply and bring prices down.“You’re still gonna get the same drug administered,” says Anderson of the generic forms of the medication. “And so, as a consumer, as a parent, I would choose a less expensive alternative.” 1233

The crude oil crash just got worse.US oil prices plummeted nearly 7% on Tuesday to .43 a barrel. That marks the cheapest closing price since late October 2017.The latest deep selloff coincided with more mayhem on Wall Street. The Dow shed more than 600 points on Tuesday as fears about slowing earnings and economic growth deepen."In times of crises, all assets correlate," said Matt Smith, director of commodity research at ClipperData. "Crude has gotten caught up in the flight from equities."In the span of just seven weeks, crude has gone from spiking to nosediving into a bear market. Fears of a new supply glut and weakening demand have wiped out 30% of its value since hitting a four-year high of a barrel in early October.Crude has sold off by about 7% twice in the past week. The November 13 decline of 7.1% was the worst in three years.Beyond the stock market tumble, energy analysts saw few new reasons for the energy plunge."Oil traders are overwhelmed by bearish news," said Clay Seigle, managing director of oil at Genscape. "The broad selloff in equities has traders concerned about the possibility of an economic slowdown, which could reduce demand for oil products."One new development may have also helped weigh on oil prices. President Donald Trump signaled on Tuesday he won't punish Saudi Crown Prince Mohammed bin Salman for the death of Washington Post journalist Jamal Khashoggi."It could very well be that the Crown Prince had knowledge of this tragic event -- maybe he did and maybe he didn't!" Trump said in a statement. Energy traders may be interpreting the White House comments on US-Saudi ties as a sign that the kingdom won't aggressively cut oil production to support the market. Trump has repeatedly urged Saudi Arabia and OPEC not to do anything that will lift prices."If we broke with them I think your oil prices would go through the roof," Trump told reporters at the White House Tuesday.He also said he was "not going to destroy the economy of our country" over the murder of Saudi journalist and Washington Post contributor Jamal Khashoggi.OPEC is scheduled to meet next month in Vienna to weigh a potential output shift."You've got to think OPEC will be looking to make a sizable cut to try to reign in supplies and find a floor for prices here," said ClipperData's Smith.Not long ago, OPEC was under pressure to ramp up output in a bid to avoid 0 oil. Traders feared a supply shortage caused by the Trump administration's sanctions on Iran, the world's fifth biggest oil producer.However, the Trump administration took a softer approach on Iran than it initially signaled. Temporary waivers were granted to China, India and other buyers.By that point, Saudi Arabia, Russia and the United States had already ramped up output, leaving the market with a potential glut. US production has been especially strong, driven by the shale boom in the Permian Basin of West Texas. US output alone is expected to spike by 2.1 million barrels per day in 2018.At the same time, the global growth worries spooking Wall Street threatens to eat into demand. The International Energy Agency warned last week of "relatively weak" demand for oil in Europe and advanced Asian countries as well as a "slowdown" in India, Brazil and Argentina."The outlook for the global economy has deteriorated," the IEA wrote.The-CNN-Wire 3361

The defense rested its case Tuesday morning in the trial against former Trump campaign chairman Paul Manafort without calling any witnesses, setting the stage for closing arguments Wednesday morning.Manafort spoke for the first time in court during the trial, saying he will not testify.Manafort told Judge T.S. Ellis that he would not testify during a brief questioning at the podium before the jury was brought in the room. Manafort is not required to testify because of his Fifth Amendment rights against self-incrimination. Ellis made this clear during his brief conversation with Manafort."You have an absolute right to testify before this jury," Ellis said. "You have an absolute right to remain silent before this jury." 735

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