Those changes could include increasing the minimum number of people to whom a political ad can be targeted.
Facebook shares at last check were up 0.21% on Thursday to $197.92.
The Wall Street Journal reported on Thursday that Facebook is weighing expanding the targeting guidelines for political ads, to several thousand people from 100, in an effort to contain the spread of misinformation.
The company has sought feedback from Democratic and Republican ad buyers in deciding how to move forward.
At a recent appearance before the House Financial Services Committee, Facebook CEO Mark Zuckerberg was grilled by several lawmakers over political advertising on the platform, among other issues. Facebook's policy is to not fact-check political ads, even if they contain falsehoods.
Zuckerberg has justified the hands-off policy in numerous public statements, saying on a recent earnings call, "I don't think it's right for private companies to censor politicians."
The company says the policy isn't about revenue, with political ads making up only a small fraction of overall ads on its platforms.
Yet Facebook lags behind some other big tech firms in tightening policies on political ads as the 2020 election looms.
It defined "issue" ads as those related to civic engagement, economic growth, environmental stewardship or social-equity causes.
"We're moving quickly here because we think the timing is urgent," Vijaya Gadde, Twitter's legal chief, told reporters about the policy.
Google (GOOGL) - Get Report also recently moved to restrict political advertising. Writing in a blog post, Google VP of Product Management Scott Spencer wrote that the company would no longer allow highly targeted political advertising.
It will continue to allow political ads, but targeted only by users' age, gender and postal code.
The search giant also said that false claims by politicians will not be allowed in Google ads.