The Daily Money: Is TikTok getting banned?

The most popular social media app, TikTok, might not be around much longer if it can't appease U.S. lawmakers' security concerns.

Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Thu Mar 23 2023 Elisabeth Buchwald |  Personal Finance & Markets Reporter @BuchElisabeth Hello Daily Money readers. I am Elisabeth Buchwald here with your top stories.  It's certainly nice to breathe a tiny sign of relief after yesterday's busy Fed Day. ICYMI, the Fed raised interest rates by 25 basis points to help bring down inflation despite the financial turmoil following the collapse of Silicon Valley Bank and Signature Bank '.  Fed Chair Jerome Powell acknowledged that the banking crisis will constrain bank lending and weaken the economy and inflation and so it is only forecasting one more rate hike for the year. For more on what Powell had to say about the rate hike and what it means for your money be sure to check out our coverage from yesterday (and of course, continue reading our latest stories). Is TikTok getting banned? "TikTok has never been more popular or more controversial," USA TODAY tech reporter Jessica Guynn, brilliantly wrote. Republicans and Democrats don't seem to agree on much these days but they appear to be united on the idea that TikTok needs more oversight.  The problem: it's owned by the Chinese company, ByteDance. There are significant concerns that the Chinese government by way of ByteDance is gaining access to Americans' data containing potentially sensitive information, or that TikTok could be used as a propaganda machine by controlling what users do and don't see on the app. U.S. officials. worried the Chinese-owned TikTok is spying on Americans and spreading misinformation, are considering banning the app. Getty That's why some lawmakers are proposing a forced sale of TikTok to a U.S.-owned company. There are even some rumors that lawmakers may be looking into an outright ban. Could that actually happen and on what grounds?  📰 More stories you shouldn't miss 📰 Hyundai, Kia recall 570,000 vehicles: Advising owners to park outside because of fire risk DeSantis and the NAACP: Florida NAACP calls for travel advisory over DeSantis policies. Governor calls it 'a joke.' Housing market: After months of decline, single-family construction rose in February About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here Content creators react to potential TikTok ban U.S. officials. worried the Chinese-owned TikTok is spying on Americans and spreading misinformation, are considering banning the app. READ MORE Advertisement A heavy public relations campaign involving TikTok influencers has come to the nation's capital as U.S. officials are considering banning the hugely popular video-sharing app over worries it poses risks to cybersecurity and data privacy. (March 22) READ MORE Could the bank crisis doom this possible Social Security change? An idea that has been used by other countries to fund their national retirement programs could be dead on arrival in the U.S. READ MORE Chevrolet to retire the Camaro at the end of model year 2024 After nine years, the sixth generation Camaros will come off the assembly line at the Lansing Grand River Assembly Plant in January 2024. READ MORE Do solar farms depress home prices? This study says no. A study from a federal lab found utility-scale solar farms don't significantly affect nearby property values – and the effect was only in rural areas. READ MORE California banning Skittles? Lawmaker fights confusion over bill California lawmakers are considering a bill to ban five chemicals from being used in the manufacturing and sale of many foods in the state. READ MORE Could 190 more banks fail? One study thinks so The Fed's aggressive interest rate hikes have eroded the value of bank assets such as government bonds and mortgage-backed securities. READ MORE Can new retirees recover from inflation, rate, failed banks havoc? Inflation, aggressive Fed rate hikes, failed banks are creating market havoc that's crushing new retirees' futures. Will they be able to recover? READ MORE Why you should never buy a gift card from a display rack Gift card theft may go unnoticed for a long time because people hang on to unused gift cards or give them long after the card has been bought. READ MORE Hope for housing market? Positive signs for buyers and sellers February housing numbers suggest the U.S. housing market could be turning back up after falling sales throughout 2022. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? 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