This conversation (in the attached video) is so disingenuous and totally missing the point.
Facebook should NOT be pulling down 'fake videos' and deciding what is "fake news" and what is "appropriate speech".
It's the news media (generally) that so often editorially and deliberately produces misleading and clickbait headlines. It is media outlets like Fox News who spew propaganda and willfully misinform the population. I'm not seeing them getting raked over the coals by congress.
Facebook, on the other hand, is NOT in the news business. They are a communications tool that allows people to express themselves.
Their new strategy of annotating suspicious content with judgements from independent third party organizations is the exactly right and balanced approach.
The alternative is having a private company dictating what is appropriate speech. I, for one, don't want any company as powerful as Facebook dictating what people can and can't say in the world.
