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Facebook one of the few companies for whom a five billion dollar fine may seem like a slap on the wrist that's how much the world's largest social media company will pay to resolve a government probe into its privacy practices the US Federal Trade Commission said Wednesday the FTC voted three to two along party lines to would drop to the settlement which requires court approval the Democrats on the commission see the settlement is not enough arguing it provides blanket immunity for Facebook executives and does not fix the core problems that led to the violations the FTC chairman on Wednesday addressed those concerns would have been nice to get more to get ten billion instead of five billion for example to get greater restrictions on how Facebook collects uses and shares data to the extent people object to our settlement because it does not have terms like these , we did not have those options the only real world choice here was to take a historic settlement that provides immediate and important protection to American consumers or wait for years to get far less relief he also addressed the agency's limits when it comes to regulating Silicon Valley we are a law enforcement agency without the authority to promulgate general privacy regulations we are not acting pursuant to comprehensive privacy legislation like the G. P. are in Europe rather our authority in this case comes from a one hundred year old statute that was never intended to deal with privacy issues like the ones that we address today the FTC said that Facebook's data policy was deceptive to tens of millions of people who use its facial recognition tool and that it displayed deceptive practices when it did not disclose that phone numbers collected for a security feature would also be used for advertising in addition to the fine Facebook's board will create an independence privacy committee that prevents CEO mark Zuckerberg from having unfettered control over decisions affecting user privacy that's something the F. T. C.'s Republican majority counted as a major win cleaning no judge would have ruled that strictly if the F. T. C. would have gone to court the announcement of the find comes just hours before Facebook reports second quarter earnings Wednesday in anticipation of the fine Facebook set aside three billion dollars when it reported first quarter earnings in April