The Lawmakers Sponsoring a Very Facebook-Friendly Bill

Maybe it's a coincidence that the same year Facebook's lobbying presence in Washington ballooned, legislators introduced a bill that would rewrite securities law in the social network's favor. In any case, that's what happened yesterday when Senators Pat Toomey of Pennsylvania and Tom Carper of Delaware submitted a bill that would kill the 500-shareholder rule requiring companies to disclose financial information once they acquire that many investors. The bill's two co-sponsors are Senators Mark Warner of Viriginia and Mike Johanns of Nebraska. In the past few years, the law has been endlessly cited as a reason Facebook will soon go public--a prospect its CEO Mark Zuckerberg has been openly unenthusiastic about. The new legislation could delay a Facebook IPO as it increases the shareholder limit from 500 to 2,000.

Read the full story at The Atlantic Wire.

Presented by

The Atlantic Wire is your authoritative guide to the news and ideas that matter most right now.

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register with Disqus.

Please note that The Atlantic's account system is separate from our commenting system. To log in or register with The Atlantic, use the Sign In button at the top of every page.

blog comments powered by Disqus

Video

A New York City Minute, Frozen in Time

This short film takes you on a whirling tour of the Big Apple

Video

What Happened to the Milky Way?

Light pollution has taken away our ability to see the stars. Can we save the night sky?

Video

The Faces of #BlackLivesMatter

Scenes from a recent protest in New York City

Video

Ruth Bader Ginsburg on Life

The Supreme Court justice talks gender equality and marriage.

Video

The Pentagon's $1.5 Trillion Mistake

The F-35 fighter jet was supposed to do everything. Instead, it can barely do anything.

More in Technology

Just In