Published: Thu, October 10, 2019
Economy | By

Facebook's Zuckerberg to testify before US House panel on October 23

Facebook's Zuckerberg to testify before US House panel on October 23

Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington past year.

Just today there was confirmation that Facebook's Mark Zuckerberg will stand before the Senate to answer questions about Libra.

The House Financial Services Committee said in a statement that Zuckerberg would be the sole witness at the October 23 hearing on "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors".

Marcus acknowledged during the hearing in July that Facebook had not behaved respectfully towards its users, and said that the company is willing to work its way back up the trust ladder to regain its users' confidence.

Facebook announced in June it's trying to create the new cryptocurrency using similar technology to that of Bitcoin, saying it would lower the cost of payments and money transfers. He said Facebook will not control Libra because Facebook will be only one of about 100 companies and nonprofits in an association that will manage the currency.

"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".

Facebook CEO Mark Zuckerberg arrives for a meeting with Senator Bill Nelson (D-FL) on Capitol Hill in Washington, US, April 9, 2018.

The committee's questions for Zuckerberg likely won't be limited to Libra. They also worry Libra's access to Facebook's billions of users could give even more power to the social media giant. The House Financial Services Committee also oversees housing issues, and Zuckerberg may be asked about Facebook's advertising practices.

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