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Some parts I found interesting:

Zuckerberg discusses artificial intelligence and increased staffing for moderation

AI will be monitoring, policing, and correcting, future political discussion. Re-education centers soon to follow?

“If Facebook and other online companies will not or cannot fix the privacy invasions, then we are going to have to,” Nelson added. “We, the congress.”

'Privacy invasions'? What is he talking about? Everyone with a facebook account freely gave their information. At that point it can no longer be called 'personal'. Also, CI is not the only one scraping Facebook. Google, Yandex, and a few thousand other entities also do.
The senators don't have even a basic understanding of the technology that they are regulating and restricting.

If what they are trying to do is prevent private entities from creating detailed databases that track the population, then that is what they should do. That would include Google, Micro$oft, and most fortune 500 companies.
That might be a problem for any senators that would like to continue receiving bribes campaign contributions.