The draft EO seeks to curtail the power of tech platforms by reinterpreting Section 230 of the Communications Decency Act, a critical law that shields websites and tech companies from lawsuits.
It would (indirectly, via Commerce) have the FCC create regulations outlining how and when companies might expose themselves to litigation under Section 230.
The order also tries to tell the FTC to develop a report on complaints of political bias collected by the White House, and instructs the agency to “consider” bringing lawsuits against companies accused of running afoul of 230.
It would tell DOJ to work with state AGs to determine what state laws could be brought to bear against complaints of political bias.

And it would ban federal agencies from advertising on platforms deemed to have run afoul of Section 230.
Much of the order could quickly get bogged down in a thicket of legal and constitutional questions.

Just for example, the FTC reports to Congress, not the WH.
And importantly, authors of Section 230 such as @RonWyden have repeatedly said that the intent of the law was to ensure tech companies could *not* be sued into oblivion.

For the WH to leverage 230 into obtaining the opposite outcome would be to undermine the purpose of the law.
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