• Today
    May 26

  • 05:28 PM

Zuckerberg to testify before House


Added 10 October 2019


Facebook CEO Mark Zuckerberg (AP)

WASHINGTON – Facebook chief executive Mark Zuckerberg will testify before the U.S. House Financial Services Committee on October 23 as the social media company faces growing scrutiny from U.S. lawmakers over a planned cryptocurrency and other issues including advertising policies.

Zuckerberg will testify at a hearing titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” It will be his first appearance before a U.S. congressional committee since April 2018 although last month he was on Capitol Hill to meet privately with some lawmakers.

Zuckerberg is likely to be peppered with critical questions from lawmakers sceptical of Facebook’s efforts to help launch a global cryptocurrency called Libra. Also, the federal government charged Facebook in March with violating fair lending laws, saying the company sold targeted advertising that was racially discriminatory.

Rep. Maxine Waters, the Democrat who chairs the panel, has been fiercely critical of Facebook, calling on it to halt its Libra project, which the company has said would launch in the middle of 2020.

Zuckerberg’s testimony will come at a precarious time for Libra. U.S. payments processor PayPal Holdings Inc. said this month it was leaving the Libra Association, a group of private companies helping develop the currency.

The project also faces significant scepticism from global regulators wary of what a digital currency with a potentially massive scale could mean for the financial system. On Tuesday, the European Union’s finance commissioner said he would push for new rules to regulate virtual currencies, reacting to Facebook’s plans to introduce Libra which the EU considers a risk to financial stability.

Facebook confirmed Zuckerberg will testify, which will come as the world’s largest social media company faces scrutiny not only from Congress, but the Federal Trade Commission and a group of state attorneys general over antitrust issues. (Reuters)


Dos and Donts

Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus


Do you fear a second wave of the coronavirus in Barbados now that lockdown restrictions have eased?