Ticker: Bill to ban TikTok advances in House; Jobless claims hold steady
A bill that could lead to the popular video-sharing app TikTok being unavailable in the United States is quickly gaining traction in the House as lawmakers voice concerns about the potential for the platform to surveil and manipulate Americans.
The measure gained the support of House Speaker Mike Johnson and could soon come up for a full vote in the House. The bill advanced out of committee Thursday in a unanimous bipartisan vote — 50-0.
The White House has provided technical support in the drafting of the bill, though White House press secretary Karine Jean-Pierre said the TikTok legislation “still needs some work” to get to a place where President Joe Biden would endorse it.
The bill takes a two-pronged approach. First, it requires ByteDance Ltd., which is based in Beijing, to divest TikTok and other applications it controls within 180 days of enactment of the bill or those applications will be prohibited in the United States. Second, it creates a narrow process to let the executive branch prohibit access to an app owned by a foreign adversary if it poses a threat to national security.
Jobless claims hold steady
U.S. applications for jobless benefits were unchanged last week, settling at a healthy level as the labor market continues to show strength in the face of elevated interest rates.
Unemployment claims for the week ending March 2 were 217,000, matching the previous week’s revised level, the Labor Department reported Thursday.
The four-week average of claims, a less volatile measure, fell by 750 from the previous week to 212,250.
Weekly unemployment claims have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020.