The Daily Money: Is TikTok getting banned?

Hello Daily Money readers. I am Elisabeth Buchwald here with your top stories. 

It's certainly nice to breathe a tiny sign of relief after yesterday's busy Fed Day. ICYMI, the Fed raised interest rates by 25 basis points to help bring down inflation despite the financial turmoil following the collapse of Silicon Valley Bank and Signature Bank '. 

Fed Chair Jerome Powell acknowledged that the banking crisis will constrain bank lending and weaken the economy and inflation and so it is only forecasting one more rate hike for the year.

For more on what Powell had to say about the rate hike and what it means for your money be sure to check out our coverage from yesterday (and of course, continue reading our latest stories).

Is TikTok getting banned?

"TikTok has never been more popular or more controversial," Paste BN tech reporter Jessica Guynn, brilliantly wrote.

Republicans and Democrats don't seem to agree on much these days but they appear to be united on the idea that TikTok needs more oversight. 

The problem: it's owned by the Chinese company, ByteDance.

There are significant concerns that the Chinese government by way of ByteDance is gaining access to Americans' data containing potentially sensitive information, or that TikTok could be used as a propaganda machine by controlling what users do and don't see on the app.

That's why some lawmakers are proposing a forced sale of TikTok to a U.S.-owned company. There are even some rumors that lawmakers may be looking into an outright ban.

Could that actually happen and on what grounds? 

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Elisabeth Buchwald is a personal finance and markets correspondent for Paste BN. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here