The hearing, entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors” will be largely focused on Libra, the company’s proposed blockchain digital currency.
Democratic lawmakers on the committee have been especially critical of Facebook’s Libra project — even urging the social network to shut it down until regulators have a grasp on how to handle it.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Chairwoman Maxine Waters (D-CA) has been pushing for Zuckerberg to testify about its Libra project. Earlier this year, Facebook’s head of Calibra, David Marcus, testified about Libra, but Waters told Yahoo Finance she still had questions for Zuckerberg.” data-reactid=”25″>Chairwoman Maxine Waters (D-CA) has been pushing for Zuckerberg to testify about its Libra project. Earlier this year, Facebook’s head of Calibra, David Marcus, testified about Libra, but Waters told Yahoo Finance she still had questions for Zuckerberg.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="At the October hearing, lawmakers will likely discuss the “Keep Big Tech Out of Finance Act,” — a draft bill that would prohibit big tech companies like Facebook from becoming financial institutions or operating digital assets.” data-reactid=”26″>At the October hearing, lawmakers will likely discuss the “Keep Big Tech Out of Finance Act,” — a draft bill that would prohibit big tech companies like Facebook from becoming financial institutions or operating digital assets.
Zuckerberg is the only witness set to testify at the hearing.
“Mark looks forward to testifying before the House Financial Services Committee and responding to lawmakers’ questions,” said a Facebook spokesperson in a statement to Yahoo Finance.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Jessica Smith is a reporter for Yahoo Finance based in Washington, D.C. Follow her on Twitter at @JessicaASmith8.” data-reactid=”29″>Jessica Smith is a reporter for Yahoo Finance based in Washington, D.C. Follow her on Twitter at @JessicaASmith8.
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