U.S. senators propose limiting liability shield for social media platforms
February 6, 2021, 4:43 pm

U.S. senators propose limiting liability shield for social media platforms

Three Democratic U.S. senators introduced a bill that would limit Section 230, a law that shields online companies from liability over content posted by users, and make the companies more accountable when posts result in harm.

Called the SAFE TECH Act, the legislation would mark the latest effort to make U.S. social media companies like Alphabet Inc’s Google, Twitter Inc and Facebook Inc more accountable for “enabling cyber-stalking, targeted harassment, and discrimination on their platforms,” Senators Mark Warner, Mazie Hirono and Amy Klobuchar said in a statement.

In the aftermath of the Jan. 6 storming of the U.S. Capitol in Washington, many lawmakers have been studying ways to hold Big Tech more accountable for the role they played in the spread of disinformation before the riot and about policing content on their platforms.

Several Republican lawmakers have also been separately pushing to scrap the law entirely over decisions by tech platforms to moderate content. Republican former President Donald Trump repeatedly pushed for the legal protection to be stripped away over what he alleged was censorship against conservatives.

The calls for changing the law grew louder after platforms such as Twitter and Facebook started labeling Trump’s posts about the elections and then after the Capitol attack blocked Trump’s account, citing a risk of further incitement of violence.

The chief executives of Google, Twitter and Facebook have previously said the law is crucial to free expression on the internet. They said Section 230 gives them the tools to strike a balance between preserving free speech and moderating content, even as they appeared open to suggestions the law needs moderate changes.

The bill from the three Democrats would make it clear that Section 230 - which was enacted in 1996 as part of a law called the Communications Decency Act - does not apply to ads or other paid content, does not impair the enforcement of civil rights laws, and does not bar wrongful-death actions.

“We need to be asking more from big tech companies, not less,” Senator Klobuchar said.

“Holding these platforms accountable for ads and content that can lead to real-world harm is critical, and this legislation will do just that,” she said.

There are several other pieces of legislation aimed at changing the law doing the rounds, including one from Republican Senators Roger Wicker and Lindsey Graham. There is another one from Democratic Senator Joe Manchin and a bipartisan bill from Democrat Brian Schatz and Republican John Thune.

Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.