Facebook Launches Own PAC
The move is the social media giant’s latest bid to spread its influence from Silicon Valley to Washington.
| Posted Tuesday, Sept. 27, 2011, at 11:22 AM ET
Facebook launched its own political action committee on Monday, a move that will allow the social media giant and its employees to hand out cash to candidates in upcoming elections.
Or, as the New York Times puts it: "Facebook wants more friends. And it is willing to pay for them."
The new group, FB PAC, is the latest example of tech companies moving quickly to bolster their influence in Washington amid increasingly complex legislative debates about patents, monopoly status and concerns about the privacy of users.
Facebook isn’t yet saying which candidates it plans to back, but the company has already spent $550,000 on lobbying this year, a $200,000 increase from 2010. (For comparison, Google has spent more than $3.5 million on lobbying so far in 2011.)
"FB PAC will give our employees a way to make their voice heard in the political process by supporting candidates who share our goals of promoting the value of innovation to our economy while giving people the power to share and make the world more open and connected," a company spokesman said.
While Facebook is widely viewed as an Obama ally, the company has also reached out to the other side of the aisle, recently hiring a number of GOP consultants and forming ties with conservative stalwarts like the U.S. Chamber of Commerce, the Huffington Post notes. Facebook is also expected to join Internet rival Google in supporting elements of the conservative movement, specifically when it comes to small businesses.
"Small businesses are the backbone of the American economy and we believe that Facebook can be a tremendous tool to fuel their growth and success," Sheryl Sandberg, Facebook Chief operating officer, told Politico in a statement.
