Today, Trump will announce his executive order against social media companies, the day after Twitter added a fact-checking note to two of Trump's misleading tweets. Surprising nobody, Trump's draft order goes after Section 230 of the Communications Decency Act of 1996 that is an essential protection for free speech on the Internet. (Here's the EFF's explanation of Section 230.) From CNN:
"In a country that has long cherished the freedom of expression, we cannot allow a limited number of online platforms to hand-pick the speech that Americans may access and convey online," the draft order says. "This practice is fundamentally un-American and anti-democratic. When large, powerful social media companies censor opinions with which they disagree, they exercise a dangerous power."
[…]
Under the order, the Commerce Department would ask the Federal Communications Commission for new regulations clarifying when a company's conduct might violate the good faith provisions of Section 230 — potentially making it easier for tech companies to be sued.
That is consistent with a draft order whose text CNN first reported last summer — and which prompted FCC officials to push back on the plan privately.
The draft order instructs the Justice Department to consult with state attorneys general on allegations of anti-conservative bias. It bans federal agencies from advertising on platforms that have allegedly violated Section 230's good-faith principles.
Finally, the draft order would direct the Federal Trade Commission to report on complaints about political bias collected by the White House and to consider bringing lawsuits against companies accused of violating the administration's interpretation of Section 230.
The provisions regarding the FTC could raise additional legal questions, as the FTC is an independent agency that does not take orders from the President.
UPDATE: The full text leaked.
