Social networking site hosted a town hall meeting for up and coming Republican representatives last week
Social networking site Facebook is setting up a political action committee (PAC) in the run up to next year’s presidential elections in the US.
Facebook will use the new service to distribute cash to candidates in the coming elections.
The company confirmed to The Hill that it had filed the necessary paperwork with the Federal Election Committee to establish FB Pac, which will allow it to legally channel donations to candidates and political parties it favours.
The company said, "FB Pac will give our employees a way to make their voice heard in the political process by supporting candidates who share our goals of promoting the value of innovation to our economy while giving people the power to share and make the world more open and connected."
Facebook also hosted a town hall meeting for up and coming Republican representatives the same day it confirmed reports about FB Pac.
The move comes as social networking sites are moving quickly to increase their influence in Washington.
Recently, Google co-sponsored a Republican presidential debate with Fox News. LinkedIn held a town hall meeting with President Barack Obama. Earlier this year, Twitter held a town hall meeting with Obama, and recently the microblogging site announced that it will roll out political advertising.
Google started its own PAC in 2006, when it distributed $36,984. According to OpenSecrets.Org, by 2010, the PAC had distributed $345,000, all for Congressional campaigns.
Recently, Facebook and Twitter joined hands to provide an improved social networking experience to their combined worldwide userbase of over 850 million.