Facebook CEO to testify before United States house panel on October 23

Galtero Lara
Octubre 10, 2019

The hearing will be called "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors" and will deal with Facebook's planned cryptocurrency, Libra.

A Facebook representative told Business Insider that Zuckerberg "looks forward to testifying before the House Financial Services Committee and responding to lawmakers' questions".

October 9, 2019 ~ Congresswoman Maxine Waters, Chairwoman of the House Financial Services Committee, announced that Facebook Chairman and CEO Mark Zuckerberg will testify before the Committee at an October 23 hearing.

The project also faces significant skepticism from global regulators wary of what a digital currency with a potentially massive scale could mean for the financial system.

Waters and other committee Democrats sent a letter to Facebook in July to request a moratorium on its cryptocurrency plans, along with digital wallet Calibra.

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French and German finance ministers have pledged to block Libra.

Facebook's Libra digital currency project has caught the ire of financial regulators and government officials alike since day one. David Marcus, the head of Facebook's cryptocurrency operations, gave evidence during the hearing.

"Congress, financial regulators, and potential Libra Association member companies have struggled to get sufficient details from Facebook about risks that Libra may pose, including facilitating criminal and terrorist financing, destabilizing the global financial system, interfering with monetary policy, or exposing consumers to risks now limited to accredited investors". He did not agree to a suspension of the plan or a pilot project, as several lawmakers urged. The world's largest social media company faces scrutiny from lawmakers, the Federal Trade Commission and a group of state attorneys general.

Zuckerberg had three days of private meetings in Washington last month with Trump and several lawmakers who, like the president, are critics of the tech industry.

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