The U.S. Federal Trade Commission today announced a record $5 billion dollar fine against Facebook for repeated privacy violations. The news comes as part of a settlement that requires federal oversight of the social media company's business practices.

From the FTC:

Facebook assessed $5 billion penalty, subjected to sweeping new restrictions on user privacy decisions to settle FTC charges the company violated a 2012 FTC order by deceiving users about their ability to control privacy of their personal info.

And from Facebook:

After months of negotiations, we've reached an agreement with the Federal Trade Commission that provides a comprehensive new framework for protecting people's privacy and the information they give us. https://t.co/2SkA2ic0IK pic.twitter.com/1OsKfcPrSu — Facebook (@facebook) July 24, 2019

Not everyone on the Commission agreed.

I voted no b/c I do not believe either the money or the injunctive relief will ensure accountability or that @facebook changes how it treats user data. And the release of liability is not justified. — Rebecca Kelly Slaughter (@RKSlaughterFTC) July 24, 2019

The government just announced its proposed settlement with Facebook for its privacy failures. $5 billion sounds like a lot, but the fine print in the settlement has a lot for $FB to celebrate. I voted no. Here's why. — Rohit Chopra (@chopraftc) July 24, 2019

The government just announced its proposed settlement with Facebook for its privacy failures. $5 billion sounds like a lot, but the fine print in the settlement has a lot for $FB to celebrate. I voted no. Here's why. — Rohit Chopra (@chopraftc) July 24, 2019

"The Democrats at FTC believe the government should have fought harder and sued," says Tony Romm at the Washington Post.

As a result, the settlement between the FTC and Facebook includes the largest fine in U.S. history for a privacy violation, and it grants federal regulators unparalleled access to the social-networking giant's business decisions for the next two decades — allowing regulators to scrutinize the actions of Facebook's leaders, including chief executive Mark Zuckerberg, and its efforts to launch new products and services. Facebook, however, did not have to admit guilt for its misdeeds.

U.S. government issues stunning rebuke, historic $5 billion fine against Facebook for repeated privacy violations [via Techmeme]

Just ask an FTC commissioner: "The proposed settlement does little to change the business model or practices …[and] imposes no meaningful changes to the company's structure or financial incentives" https://t.co/wFJImzdD5J — Peter Kafka (@pkafka) July 24, 2019

Both the FTC and Facebook are telling you the $5 billion settlement fundamentally changes how Facebook operates. But the company will still be able to collect the same data and target ads in the same way. @KurtWagner8 and I explain https://t.co/OeXEiZ982d — Sarah Frier (@sarahfrier) July 24, 2019

Facebook's $5bn fine confirmed by FTC. Company must appoint privacy compliance officers + undergo privacy audits of which Zuckerberg must personally be a part. Also this morn – US financial regulator fines FB additional $100m for misleading investors. — Dave Lee (@DaveLeeBBC) July 24, 2019