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FTC Creates Office Dedicated To "Algorithmic Transparency"

Posted by timothy on from the from-the-government-and-here-to-help dept.

jfruh writes When Facebook's EdgeRank algorithm filters a meme you posted out of your friends' feed, you might find that annoying. When your bank's algorithm denies you a mortgage, that has a serious effect on your life. But both kinds of algorithms are generally opaque to customers and regulators, and the FTC's Bureau of Consumer Protection has set up an office dedicated to figuring out these algorithms affect our lives and intersect with the law. Perhaps they can start with how the IRS selects people to audit, and whether constantly shifting TSA policies make sense.

3 of 75 comments (clear)

  1. Re:Gaming the system by jratcliffe · · Score: 5, Informative

    It's perfectly legal to make a $10k cash deposit into or withdrawal from your bank (assuming that the underlying use/source of the cash is legal, of course). It is, however, definitely ILLEGAL to make a $9999 deposit for the purpose of staying below that $10k limit. It's called structuring, and can get you into a lot of trouble.

    As an example, you sell a car for $13,000, and get paid in cash. If you go and deposit that $13k in cash in the bank, you're entirely kosher. It'll generate a currency transaction report, but they're not at all uncommon.

    If, however, you deposit $9k, and then $4k, to stay below that $10k ceiling, you've just committed a federal crime. https://en.wikipedia.org/wiki/...

  2. Maybe start with the No-Fly list? by leftover · · Score: 3

    All the "suspected terrorist" lists are notorious for their unrestricted inclusion/non-existent removal policies, none more so than the No-Fly list.

    It might not be glamorous to review a blank 'algorithm' but it would be a significant step for transparency in government. That is where the focus should be. We need to make a lot of noise to support this point of view. Otherwise all the usual race-baiters and niche-problem whiners will disperse and ruin what could have become a powerful tool.

    --
    Bent, folded, spindled, and mutilated.
  3. Re:Gaming the system by khallow · · Score: 3, Interesting

    Certainly an option, but would make it extremely difficult, if not impossible, to stop money laundering, and hence effectively increase the profitability of a lot of illegal activity.

    I don't have a problem with that. I think a lot less illegal activity should be illegal.