On September 29, the House Subcommittee on Commerce, Manufacturing, and Trade held a hearing titled “The Disrupter Series: How the Sharing Economy Creates Jobs, Benefits Consumers, and Raises Policy Questions.” The Background Memo on the hearing stated, “The sharing economy typically is described as the facilitation of peer-to-peer transactions, many of which would be impossible or too costly without sharing platforms.” It also cited a study estimating that the sharing economy generated $15 billion in revenues in 2013, and is projected to generate $335 billion in 10 years.

The hearing looked at the influence the sharing economy and its emerging technologies have on consumers, jobs, and policy. Witnesses cited the advantages and disadvantages of such companies as Uber and Airbnb and what the extent of the government response should be. “Many suggest no action is warranted by Congress or local regulators, and others are seeking direct and immediate intervention from Congress,” said Energy and Commerce Committee Chair Fred Upton (MI-R).

Topics raised included incentives for insurance companies to participate in the sharing economy, the difference between independent contractors and those engaging in sharing economy enterprises, and the sharing economy as a path back to employment following the economic recession.

Subcommittee Chair Michael Burges (TX-D) said, “There should be some limited government oversight, particularly where safety is needed. And firms should be thinking about privacy and cybersecurity from the outset, lest they invite the very regulation they would rather avoid,” but added, “We should be highly skeptical of interventions that snatch away new conveniences and measurable benefits for consumers.”