The proposed bill, titled "An Act relative to social media, algorithm accountability, and transparency," aims to enhance the regulation of social media platforms in Massachusetts, particularly concerning their impact on children. It introduces a new section to Chapter 12 of the General Laws, establishing definitions for key terms such as "algorithm," "covered platform," and "personal information." The bill mandates the creation of an Office of Social Media Transparency and Accountability, overseen by the Attorney General, which will be responsible for receiving and reviewing reports from covered platforms. These platforms must register annually, pay a fee, and submit transparency reports detailing their operations, particularly regarding their engagement with child users and the potential harms associated with their algorithms.

Additionally, the bill requires covered platforms to undergo monthly algorithm risk audits conducted by independent third-party auditors, focusing on various harms to children, including mental health issues and online exploitation. The Office will also empanel an Advisory Council of experts to review these harms and recommend updates to the audit requirements. Platforms that fail to comply with the registration and reporting requirements may face civil penalties of up to $500,000 per violation. The bill emphasizes transparency and accountability, aiming to mitigate the risks posed by social media to minors while ensuring that the information generated is accessible to the public, with provisions for protecting trade secrets.