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FACEBOOK INC

(FB)
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Facebook : Biden seeks 11% jump in FTC funding as Big Tech cases loom

05/28/2021 | 03:09pm EDT
U.S. President Biden and first lady Jill Biden at Joint Base Langley-Eustis in Hampton

WASHINGTON (Reuters) - President Joe Biden's proposed budget would give an 11% funding increase to the Federal Trade Commission as well as a hefty boost to the Justice Department's Antitrust Division, both of which filed major lawsuits against big tech companies last year.

The agencies, which review mergers to ensure they comply with antitrust law and other enforcement, have been at the center of a political storm, with progressives and some Republicans accusing them of being too lax.

Under the Biden budget, released Friday, the FTC, which has about 1,140 people and also investigates companies accused of deceiving consumers, would see its staff increase to about 1,250 in the 2022 fiscal year, which begins on Oct. 1.

The Biden budget for the next fiscal year envisions the agency spending $389.8 million. That's an increase from $351 million this year, or about 11%.

Under Biden's plan, the Justice Department's Antitrust Division would see its budget increase from $185 million to $201 million, an increase of 8.6%.

The president's budget is generally seen as a statement of intent in terms of policies.

In addition to being at the center of a policy debate, the agencies filed major antitrust lawsuits last year. The Justice Department sued Alphabet's Google while the FTC sued Facebook.

One big expense has been the cost of expert witnesses at big trials, such as coming fights with Google and Facebook.

Senator Amy Klobuchar, who chairs the Senate's key antitrust panel, introduced a bill to Congress to increase authorizations even more, giving the FTC $418 million while the Justice Department's Antitrust Division would receive $252 million.

(Reporting by Diane Bartz; Editing by Andrea Ricci)

By Diane Bartz


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.31% 2714.47 Delayed Quote.55.30%
FACEBOOK INC -4.23% 357.5994 Delayed Quote.36.65%
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Financials (USD)
Sales 2021 119 B - -
Net income 2021 40 341 M - -
Net cash 2021 79 259 M - -
P/E ratio 2021 26,7x
Yield 2021 -
Capitalization 1 058 B 1 058 B -
EV / Sales 2021 8,25x
EV / Sales 2022 6,79x
Nbr of Employees 60 654
Free-Float 83,9%
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Mean consensus BUY
Number of Analysts 51
Last Close Price 373,28 $
Average target price 407,17 $
Spread / Average Target 9,08%
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Managers and Directors
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
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