A new name is something that Facebook will soon have, but a rebrand will not make Facebook any less destructive to society or bad for its investors.

Shocking but not surprising: revelations by Facebook whistleblower Frances Haugen have to do with how, as the tech giant's employee on election security matters before she left and handed over a mammoth cache of documents to the press and lawmakers, Facebook time and again knew its algorithms were harming society and the vulnerable, reprehensible activities like pushing so-called "thin-spiration" to teenage girls, which can increase the likelihood of anorexia.

A recent analysis of internal Facebook documents showed that Facebook engineers treated emoji reactions-the "angry" one included-as five times more valuable than likes favouring controversial posts to keep users engaged-and profits flowing.

This isn't only a tale of a company acting against the public interest and harming its own consumers, but it is also a tale about one acting against its investors. The company, according to Haugen, misled its shareholders about basic business facts-from how it addresses safety to the size of its user base.

By serially omitting this type of critical information for investors, Facebook may have broken our securities laws and regulations. And Haugen has filed at least eight complaints with the Securities and Exchange Commission alleging that Facebook broke the law by withholding material information associated with the company's inner research.

Also, an unnamed second whistleblower came to the SEC with an affidavit stating that Facebook cares more about its business concerning growth than dealing with hate speech and misinformation.

Perhaps the most dramatic element of whistleblower allegations is a surprise in that the role the SEC could play in regulating and controlling Facebook hasn't had headlines. Certainly, it's a tech firm, but more importantly, Facebook is first and foremost a publicly traded company, which puts it firmly under the regulatory and oversight reach of the SEC.

And the SEC, in the person of Mary Jo White, head under President Barack Obama, ultimately greenlit that Facebook IPO back in 2012, though the process did involve a weird special class of shares that continued to give Mark Zuckerberg total effective control over the firm even after it went public. The same Trump-era SEC settled with Facebook for its failure to adequately disclose to investors the fact that it knew that the scandalous data company Cambridge Analytica had accessed and misused the Facebook data of about 30 million Americans.

Asking the SEC to take a closer look at Facebook, at a company that has settled with the commission in just the last two and a half years on securities-law violations, should be ordinary, reasonable, and what we expect of our securities regulator.

Americans are fortunate the Biden administration has assigned strong regulators to run the SEC and Federal Trade Commission with appointments of Gary Gensler and Lina Khan as their chairs. And just as Facebook and its other Big Tech peers have touched all aspects of our economy, politics, and everyday lives, the job of adequately regulating and reining in such firms is bigger than any one or two agencies.

What is needed is a whole-of-government approach to properly tackle the questions and threats posed by large tech firms. The Biden administration has done well in its first steps through the Council on Competition, but this must represent the first cut rather than a final product. It also prohibits giving them access to new markets to dominate, from fintech to currency to special government contracts, knowing those corporations would almost certainly use access to grow even more powerful at the expense of smaller firms and consumers.

It also is essential to have Congressional engagement on these matters. The same day Haugen was testifying before a Senate subcommittee, a House Financial Services Committee held a hearing on SEC oversight. Yet despite days of coverage over of Haugen's incendiary claims, the hearing went on for hours without any single comment or question about the role of the SEC in holding Facebook accountable to its investors.

That such a key oversight opportunity is not taken reflects a lack of imagination and coordination. To address the dangers of Big Tech in any meaningful way, we need all hands on deck thinking about solutions for dealing with these behemoths, including pushing the Biden administration to do more.

Haugen is not the first whistleblower to emerge from Facebook, nor will she be the last. The time has passed for the U.S. federal government to meekly watch as Big Tech employees, shareholders, contractors, and even the founders lay out dangers these companies pose to Americans.

The companies need to grow in size, power, and danger: That's when the Biden administration should act boldly, aggressively and cohesively, beginning with the SEC taking up the cause and fully investigating Facebook and enforcing our laws in full force.