When I was elected in 2004, I came out of the music business at a time when what was happening in Silicon Valley was turning the music industry upside down. Certainly, the massive losses in recording revenues were noted. There was a lot of pressure at that time here on the Hill to bring in legislation to regulate, to try to limit, digital growth. I was very much against that because I saw the potential for new ideas and for development, even though it was upending the music industry. Now it's upended newspapers and so many stable sources.
However, what we've seen is that so many of these young start-ups have become monopolistic giants. The idea that there would be a whole series of competing, for example, platforms has disappeared. Looking at it in 2018, my concern is that Facebook has morphed from a place where you meet your old friends from high school into the single, defining source of information for the vast majority of people. It is the news media for the vast majority of people, whether it is false news, Russian troll bot news, or CTV.
When Mr. Therrien came here the other day, he said that he needed the tools to be able to go in without permission and investigate or audit Facebook on privacy. He also raised the larger issue, that there are Competition Act issues and a series of effects that Facebook now has that have not not really been looked at.
Mr. Chan, if a federal auditor for digital platforms was brought forward who had the power to investigate these complaints to ensure compliance, what would Facebook think of that?