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A new bill would require Facebook and Google to publicly archive ads purchased around elections

Sara Salinas
Pete Marovich | Bloomberg | Getty Images. The new bill is the first indication that regulation on internet advertising giants could actually come to fruition.

Legislation to be unveiled Thursday would for the first time impose some regulation on internet advertising giants like Facebook

(NASDAQ: FB)

and Google

(NASDAQ: GOOGL)

.

The Honest Ads Act would require digital platforms to archive in a publicly available file advertisements purchased around election content,

according to Axios, who got a preview of the proposed bill

.

"The file would contain a digital copy of the advertisement, a description of the audience the advertisement targets, the number of views generated, the dates and times of publication, the rates charged, and the contract information of the purchaser," the bill reportedly reads.The bill would also amend the 2002 Bipartisan Campaign Reform Act to expand the definition of "electioneering communication" to include digital platforms and paid online advertisements — currently only broadcast television, radio, cable and satellite communications are included.

Speculation of greater internet regulation has loomed for weeks following

disclosures by Facebook

,

Twitter

and

Google that Russian entities purchased politically motivated ads

on the sites during the 2016 presidential election.

All three companies

have been asked to testify before congressional intelligence committees

in a broad review of foreign election interference.

The new bill is the first indication that regulation could actually come to fruition. It was introduced by Senators Mark Warner and Amy Klobuchar and

co-sponsored by Senator John McCain

.

Read the full Axios review here.

Legislation to be unveiled Thursday would for the first time impose some regulation on internet advertising giants like Facebook

(NASDAQ: FB)

and Google

(NASDAQ: GOOGL)

.

The Honest Ads Act would require digital platforms to archive in a publicly available file advertisements purchased around election content,

according to Axios, who got a preview of the proposed bill

.

"The file would contain a digital copy of the advertisement, a description of the audience the advertisement targets, the number of views generated, the dates and times of publication, the rates charged, and the contract information of the purchaser," the bill reportedly reads.

The bill would also amend the 2002 Bipartisan Campaign Reform Act to expand the definition of "electioneering communication" to include digital platforms and paid online advertisements — currently only broadcast television, radio, cable and satellite communications are included.

Speculation of greater internet regulation has loomed for weeks following

disclosures by Facebook

,

Twitter

and

Google that Russian entities purchased politically motivated ads

on the sites during the 2016 presidential election.

All three companies

have been asked to testify before congressional intelligence committees

in a broad review of foreign election interference.

The new bill is the first indication that regulation could actually come to fruition. It was introduced by Senators Mark Warner and Amy Klobuchar and

co-sponsored by Senator John McCain

.

Read the full Axios review here.



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