قالب وردپرس درنا توس
Home / Business / Facebook CEO to Testify at House Panel About Libra

Facebook CEO to Testify at House Panel About Libra



Facebook Inc.


FB 1.18%

Chief Executive

      Mark Zuckerberg

       

The House Financial Services Committee said Wednesday that Mr Zuckerberg wants to be the sole witness at Oct. 23 hearing that examines Facebook's impact on the financial services and housing sectors.

Facebook in June, plans to launch a new cryptocurrency, known as libra, and digital wallet, called calibra, that could be used to pay for goods online and send money world-wide.

Since the project has been announced, it has received a steady stream of criticism from lawmakers in the US privacy and skepticism that the company could prevent. House Financial Services Committee Chairwoman

      Rep. Maxine Waters

       (D, Calif.), And other Democrats have called on Facebook to abandon plans to implement libra.

Mr. Zuckerberg said he would not move forward with the project in the U.S. until it had been.

"Mark looks forward to testifying to the House's Financial Services Committee and responding to lawmakers' questions," a Facebook spokesman said in a statement. Company executive

      David Marcus

       faced wide criticism in July during a Senate Banking Committee hearing focused on libra.

Facebook's plan to release its own currency, called Libra, has sparked a concern among lawmakers. WSJ's Paul Vigna explains. Photo: Andrew Harrer / Bloomberg News
        

Mr. Zuckerberg, who also serves as a Facebook chairman, with the Trump and members of Congress to address various issues involving the social-media giant. He also spent two days on Capitol Hill last year asking questions from lawmakers.

Facebook has hired seven additional lobbying firms to deal with financial issues and cryptocurrencies since June, federal disclosures show. The roster of lobbyists includes former Congressional staff members from both parties, as well as Senate Banking Committee Chairman

      Mike Crapo

       (R., Idaho).

Facebook's lobbyists have emphasized to congressional staffers a willingness to work with us. Authorities. After receiving a letter in late September from Mr. Marcus, the Facebook executive in charge of libra,

      Rep. Emanuel Cleaver

       (D., Mo.), a senior member of the Financial Services Committee, said: "Their desire to be transparent in this process is a good start."

Mr. Zuckerberg's pending Washington visit comes as partners in the proposed cryptocurrency-based payments network are reconsidering their involvement.

            PayPal Holdings Inc.

       said earlier this month it would withdraw from the group, but remained supportive of libra's mission.

Mr. Zuckerberg's appearance on the Hill would come a little over a week after the roughly two dozen companies it recruited to help launch. The Libra Association on Monday wants to discuss the future of the Libra Payments Network, and the meeting's outcome will probably be on Mr. Zuckerberg's Congressional Testimony.

If Visa Inc.,

            Mastercard Inc.


MA 1.96%

or other big companies commit to moving forward with libra and agree to have their representative sit on his board, that could be another Facebook that dominates the project. But if more companies follow it, it would not make it easy to outsource control over libra's future.

Hanging over the libra is like Facebook and other members in the Libra Association can assuage politicians' worries that the payments network could be used to launder money or finance terrorism. A pair of U.S. senators wrote to the CEOs of payments companies Visa, Mastercard and Stripe Inc. this week to hear their thoughts on libra wants to comply with financial regulations.

"If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities, "the senators wrote."

European regulators issued a star rebuke of Facebook's efforts this week, saying libra had the potential to undermine the euro and that would have been introduced to block the digital currency's usage.

U.S. Mr. Zuckerberg's Capitol Hill visit last year.

Federal regulators as well as a bipartisan group of state attorneys have launched antitrust probes into Facebook and other large U.S. Patents. technology companies.

The Department of Housing and Urban Development has accused of violating the fair-housing rules by allowing real-estate firms to deal with race, religion and other factors.

Separately, the Federal Trade Commission voted $ 5 billion fine in July on Facebook to close a long-running probe into data-privacy issues.

Copyright © 2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8


Source link