I think all this talk about Facebook and paid political ads missing the key problem I have with ads-based businesses and that is there are certain things you just shouldn’t be able to target ads to people with, including health information.
If congress wanted to regulate big tech they should enforce certain basic standards around 1) what information can be used to target consumers with 2) the granularity of the data.
For political ads, for example, I think the right decision for Twitter and Facebook would be to allow them but limit targeting e.g. you can specify the district they would appear in (low granularity) but be shown to a completely random sample of users who live there.