President Obama won re-election decisively last night, as female, young, and minority voters powered him to another term while largely maintaining the status quo in Congress. There were celebrations in the streets of Northwest Washington last night, but the markets are reacting with less optimism, and several major tech stocks are down. Most are attributing the slide to looming fiscal cliff, but holders of shares in Web companies have reason to be concerned. Under President Obama, the Federal Trade Commission is much more likely to push for limits on how companies can track consumers online and use information subsequently collected. While the prospects for privacy regulation still appear poor, any limits on how companies can monetize consumer data would have a negative impact on the bottom line for Web firms, whose values are often projections based on current users and engagement. Republicans in Congress have raised objection to the FTC's policing on the issue, but such actions are only likely to increase as Web companies gain access to an increasing trove of data on users, particularly via mobile devices. Congress will likely avoid stepping into the issue unless a major privacy scandal unfolds in the near future. In lieu of such an event, most stakeholders appear content to let the administration's voluntary process run its course and deal with the results. Obama Cites Diversity As Strength, Possible FCC Implications: The most notable comments from the President's victory speech in Chicago last night were the portions where he pointed to the diversity of the U.S. as the nation's greatest strength. Obama also followed up with specific shout-outs to the communities that powered his victory, including Asian, Latino, and African-Americans. Obviously minority communities have a number of political concerns, with the economy, taxes, and healthcare among those at the forefront. But one of the few places where the administration is empowered to act to visibly to boost diversity is at the FCC, which has a history of pressuring the private sector to increase opportunities for minorities. Despite the Commission's actions, the airwaves are still owned and populated overwhelmingly by whites, particularly in the TV industry. In addition, the broadband adoption gap persists and minorities are far more likely to rely on mobile devices as their primary connections to the Internet.

If the Obama administration is looking to repay minority voters for their support, it wouldn't be surprising to see the administration embrace subsidized broadband or public WiFi coverage, prod the wireless carriers on their low cost offerings, or set aside spectrum and channels for minority owners. The broadcasters and cable companies may also see increased pressure to up their game with regards to diversity both behind and in front of the camera, which could force the expansion of programs already in place designed to encourage minorities to enter the TV industry. Finally, speculation is rampant that FCC chairman Julius Genachowski's departure may coincide with the start of the President's second term. If Genachowski leaves, most are expecting the administration to make a play for a big name in the tech world, someone capable of leaving a forward-looking legacy of innovation to counteract the focus on broadband and public safety during the previous four years. But promoting senior Democratic Commissioner Mignon Clyburn or appointing another candidate with a strong interest in media diversity may be the president's preference, given the tenor of his remarks. Regardless, expect diversity to be a much stronger part of the Commission's mandate over the next four years.