David Garrity on CNBC: The tech industry needs to engage the US policy environment

The tech industry needs to engage the US policy environment, says Facebook policy advisor from CNBC.

David Garrity, who is chief market strategist for Laidlaw & Co. and appeared on the segment with Ghosh, argues it would “pay dividends down the road” if U.S. regulations mirror standards in Europe. The European Union’s General Data Protection Regulation, which went into effect in May, gave consumers in its 28-nation bloc control of their personal data that companies collect.

Similar policies would also bode well for the U.S. to align with the EU and “counterweigh” China’s internet interests.

The approach would “make it easier for technology companies . . . to only have two standards to deal with rather than a fragmentation of standards” in doing business in the American, European and Chinese markets, Garrity said.