It’s unusual to locate a Silicon Valley CEO demand more federal government regulation. Salesforce head Marc Benioff is certainly all for this – at least for Facebook, Twitter and Google.
“Do these businesses need extra regulation? They in all probability do,” Benioff said in a new podcast bout of CNN’s Boss Data with Poppy Harlow.
Lawyers for the 3 companies testified before Congress this month about Russian interference in the U.S. presidential election. They admitted these were used to propagate Russian propaganda through advertisements and bots. Currently, political marketing online isn’t regulated enjoy it is certainly for broadcast television.
It’s not just a one-off problem of election meddling for Benioff, but part of a larger question about paying closer focus on the way new technologies can shape our world.
“We must decide what sort of a society that we’re gonna have going forward,” said Benioff. “You can view that what’s occurring with the social networks and the elections. You know where this technology actually got uncontrollable, that even they didn’t really know what was happening.”
He added: “A lot of these revelations are surprising to them, that their technology was manipulated and found in this way. Just as, we have to appearance at how these systems are being used by everyone.”
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Benioff sat down to talk to Harlow during last week’s Dreamforce, the twelve-monthly Salesforce conference in downtown San Francisco.
Regulation isn’t the only controversial Silicon Valley issue Benioff weighed in on. He said he also wants the federal government to permit corporations to repatriate overseas revenue stuck overseas. American corporations have trillions of dollars stuck beyond your U.S. where they’re able to defer spending taxes. Repatriating those funds would allow companies to recreate the money at a lesser tax rate.
“I really do think repatriation will be a extremely healthy matter for our market,” said Benioff. “I think it’s an extremely healthy matter for the federal government because the federal government will be able to band the register as that money is returning.”
He recommends letting the federal government take 15% to 20% in taxes on the amount of money, and restrict how companies may use the cash. Rather than letting them put it to use for stock paybacks or dividend repayments to shareholders, the U.S. could add limitations so it’s invested in things such as hiring locally.
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“I think that is clearly a great opportunity when they bring this cash back to really concentrate on growing these businesses right right here in america, I think that is clearly a huge chance,” said Benioff.
Benioff, just like many tech CEOs, provides met with President Trump. Benioff, who says he is not a Democrat or a Republican, publicly backed Hilary Clinton in last year’s election.
When the tech leader met with the president in March, he suggested the federal government invest $5 million into an apprenticeship program targeted at creating 5 million jobs by 2022.
“A lot of individuals whose jobs are gonna basically change due to this new technology happen to be gonna have to get retrained, and the best way to conduct that is with a very proven unit which is apprenticeships,” said Benioff.
Apprenticeships can offer hand-in-hand retraining for people like truck motorists, taxi motorists, farmers and other people who’s positions might be made obsolete by automation or perhaps artificial cleverness, said Benioff. The federal government previously has some courses like Apprenticeship Right now and Apprenticeship USA, but Benioff would like to look at them scaled up.
“We have to get ready for a future that’s very different compared to the present moment, and that’s what I’m advocating for,” he said.