Zuckerberg to face House as Libra concerns intensify

Zuckerberg to face House as Libra concerns intensify

United States lawmakers have attacked Facebook on its Libra project, calling it "delusional" and "dangerous". His last such appearance in Washington was in April 2018, when he faced five hours of relentless questioning from lawmakers over Facebook's Cambridge Analytica privacy scandal.

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 hearing dubbed, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors" is set only for Zuckerberg.

While drinking water with an automaton's precision, Zuckerberg's expected to defend Facebook's plans to launch a cryptocurrency.called Libra.

A hearing in Congress will touch on Facebook's planned cryptocurrency.

The plan would open low-priced online commerce to millions of people around the world who lack access to bank accounts, and would make it cheaper to send money across borders, Marcus said.

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Facebook founder and CEO Mark Zuckerberg is headed back to Washington DC.

"Congress, financial regulators, and potential Libra member companies have been trying hard to get information about risks from Facebook, including promoting crime and terrorism financing, destabilizing the global financial system, interfering with monetary policy, or putting consumers at risk that is now being limited to accredited investors".

On the other hand, the official Facebook spokesperson expressed that Zuckerberg "looks forward" to facing the questions at the House Committee hearing.

In response to the backlash, Facebook has said it will delay Libra's launch until USA regulators are comfortable with the proposal.

Lawmakers are also concerned that the coin might be used to bypass money-laundering rules or that it could undermine government control over the flow of money.

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