#ntdbusiness #tiktok #jpmorgan
00:00 NTD Business News: 3/23/2023
00:58 TikTok CEO Grilled in Combative Hearing
05:20 ‘This Is Not a Credit Crisis’: Citigroup CEO
06:40 Vulnerable Banks Lost $1T in a Year: JPMorgan
07:17 Peter Schiff: Bank Bailouts Devalue the Dollar
12:14 Trump DA Probe Pushed to Next Week
13:02 Accenture to Cut 19K Jobs
13:43 Central Banks Keep Hiking Rates Amid Troubles
14:25 A Lot of Co-Op Among Central Banks: Analyst
19:00 Starbucks CEO to Work As Barista Once a Month
19:42 Coinbase Falls After SEC Threatens to Sue
20:31 Block Stock Plunges After Short Position
21:56 3D-Printed Rocket Launches, Fails in Space
23:04 TSA Confirms Peanut Butter Is a Liquid…(read more)

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TikTok CEO Zhang Yiming found himself at the center of a heated hearing recently, as lawmakers grilled him on various concerns surrounding the popular social media platform. The hearing, held by the Senate Homeland Security and Governmental Affairs Committee, aimed to address concerns related to national security, privacy, and potential Chinese Communist Party (CCP) influence.

Lawmakers raised concerns about TikTok’s data privacy practices, as there have been allegations that the platform collects and shares user data with the Chinese government. This has raised significant alarms, especially in light of recent cybersecurity threats and the increasing influence of the Chinese government on various international platforms.

Zhang Yiming defended TikTok’s data practices, stating that the platform has implemented strict security measures to protect user data and that TikTok operates separately from its parent company, ByteDance, in terms of data storage and access. However, lawmakers seemed unsatisfied with these assurances, pressing for more transparency and oversight.

In addition to data privacy concerns, lawmakers questioned TikTok’s potential to influence political discourse and elections in the United States. This concern arose due to instances where TikTok users claimed the platform was censoring content related to protests in Hong Kong and other sensitive political topics. Zhang Yiming denied these claims, stating that TikTok does not interfere or manipulate content based on political ideologies.

TikTok’s alleged ties to the Chinese government have landed the app under increased scrutiny. Some lawmakers argued that TikTok could be a tool for the CCP to spread disinformation and propaganda, impacting U.S. national security. Senator Tom Cotton even suggested a potential ban on the app, citing these concerns. However, Zhang Yiming vehemently denied any influence or control by the Chinese government, emphasizing the company’s commitment to upholding U.S. laws and regulations.

While the hearing focused on TikTok’s potential national security risks, another topic that grabbed attention during the session was Federal Reserve Chairman Jerome Powell’s remarks on bank bailouts. Congressman Adam Schiff expressed concerns over the continued bailout policies, arguing that they devalue the U.S. dollar and create moral hazard.

Schiff suggested that by bailing out large banks during financial crises, the government sends a message that these institutions are “too big to fail.” Consequently, banks may engage in riskier behavior, secure in the knowledge that they will be rescued if things go wrong. Schiff’s concerns resonated with those who believe that bailouts create an unfair advantage for large financial entities at the expense of taxpayers.

Chairman Powell was present during the hearing but refrained from making any direct comments on Schiff’s assertions. However, the debate over bank bailouts and their economic impact is likely to continue, as policymakers evaluate the best path forward.

The heated hearing involving TikTok’s CEO and the debate surrounding bank bailouts both reflect the ongoing concerns surrounding national security, privacy, and economic policies. These discussions have far-reaching implications, as lawmakers navigate the delicate balance between protecting citizens’ interests, maintaining economic stability, and safeguarding national security in an increasingly interconnected world.