Facebook Forms PAC
Facebook continues to come of age in Washington, launching a PAC Monday to support favored candidates. The big question now is if the social networking company follows the Silicon Valley trend of favoring Democrats over Republicans. The tech industry was a lonely stalwart of Democratic support in 2010, a year that saw most industries throw more of their campaign cash behind Republicans.
Perhaps an early indicator that Facebook plans to go its own way, on the same day it announced its PAC, the company hosted a live economic discussion with Republican House Majority Leader Eric Cantor, Budget Committee Chairman Paul Ryan and Whip Kevin McCarthy.
NJ's Josh Smith has more on FB's PAC:
Facebook has filed paperwork to create a political action committee designed to support candidates who promote economic innovation. The social network, which has more than 800 million active users, filed documents to create "FB PAC" on Monday."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," Facebook spokesman Andrew Noyes said in a statement.Facebook has upped its political profile in recent months, including hosting President Obama and GOP leaders in live town hall meetings. The company's lobbying expenditures topped $550,000 for FY 2011, up from $350,000 in 2010, according to lobbying disclosures. Facebook has also beefed up its Washington office, hiring former White House spokesman Joe Lockhart, among others.
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