Facebook settlement with US may include privacy oversight: Politico

Facebook Inc and the Federal Trade Commission (FTC) are negotiating a possible settlement that would require the company to create an independent privacy oversight committee and take other steps to safeguard users, Politico reported on Wednesday, citing a source.

The steps would include appointing a federally-approved privacy official at the highest level of Facebook and creating a privacy oversight committee that may include Facebook board members, the report said.

The potential agreement between the company and the FTC is in addition to the $3 billion Facebook said it would set aside last week to cover settlements with US regulators, according to Politico.