Zuckerberg to Testify Before U.S. House Panel

Mark Zuckerberg

CBJ — Facebook founder and CEO Mark Zuckerberg will testify before the U.S. House Financial Services Committee later this month as the world’s largest social media company faces growing scrutiny from U.S. lawmakers over a planned cryptocurrency — named Libra — 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 faced with an onslaught of tough questions from lawmakers who are skeptical 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.

Just last week PayPal announced it was exiting the Libra project, saying it wanted to focus on core business initiatives and that it wished Facebook and other partners well. Nonetheless, it looks bad optically to have such a prodigious company exit, especially at this juncture.

@CanBizJournal

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