قالب وردپرس درنا توس
Home / Business / Lawmakers grill Facebook CEO Mark Zuckerberg on Libra

Lawmakers grill Facebook CEO Mark Zuckerberg on Libra



Facebook CEO Mark Zuckerberg is in for a long day on Capitol Hill.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Zuckerberg testifies to Facebook ( FB ) cryptocurrency plans and impact on the housing sector of the House Financial Services Committee. "Data-reactid =" 1

6 "> Zuckerberg testifies to Facebook's (FB) cryptocurrency plans and impact on the housing sector of the House Financial Services Committee.

Chairman Maxine Waters (D-CA) kicked off the hearing with a blatant rebuke from the social media giant.

"Facebook's plans to create a digital currency, Libra, raise many concerns related to privacy, trade risk, national security, monetary policy and the stability of the global financial system," Waters said.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Waters reiterated her call for moratorium on venture project until regulators can figure out how to deal with it.

"It would be beneficial for everyone if Facebook concentrates on dealing with its many existing shortcomings and faults before continuing with the Vågen project," Waters said. = "19"> Waters repeated her call for a moratorium on the Vågen project for regulators to find out how to deal with it.

"It would be beneficial for everyone if Facebook concentrates on dealing with the many existing shortcomings and mistakes before continuing with the Vågen project," Waters said.

She went on to list a number of issues she sees with Facebook, including lack of diversity, housing discrimination, antitrust and election interference.

In his opening remarks, the Rep. Patrick McHenry (R-NC) lawmakers to hear Zuckerberg out – and avoid a cracked reaction that could hinder innovation going forward.

"Today is a trial of American innovation," McHenry said. “Politicians, made possible by special interests and a lack of understanding of new technological use, fear to justify what is ultimately a capture of power. New laws, new regulation, but eventually old and tired ways to centralize power here in Washington. ”

McHenry nevertheless acknowledged concern for what the company is doing. “I have my concerns with Facebook and Vågen – I do. And the shortcomings of big tech. There are many, yes, it is. But if history has shown us anything, it's better to be on the side of innovation, competition, "McHenry said.

<h2 class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Scrutiny over Libra "data-reactid =" 24 "> Scrutiny over Libra

<p class =" canvas – atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Zuckerberg began his & nbsp; opening remarks that talked about the benefits of Libra even though he acknowledged that Facebook is not the "ideal messenger" for the project, given the last "challenging" years. He told lawmakers that "the financial industry is stagnant" and Libra can help the United States expand its financial leadership. "
" data-reactid = "25"> Zuckerberg began his opening remarks by talking about the benefits of Weight, although he acknowledged that Facebook is not the "ideal messenger" for the project, given the last "challenging" years. told lawmakers that "the financial industry is stagnant" and Libra can help the United States "expand its financial leadership."

"I don't really know if Libra is going to work, but I think it's important to try new things – so as long as you do it responsibly. That's what made America successful, and that's why our technology industry led the world, "Zuckerberg said.

Zuckerberg tried to assure a skeptical selection by saying that Facebook will not be part of a Libra launch that does not have US regulators approval Rep. Bill Huizenga (R-MI) forced Zuckerberg to be more specific by asking what would happen if the Libra Association decided to start without US approval.

Facebook founder and CEO Mark Zuckerberg prays with members of his team before testimony for the House Financial Services Committee on Capitol Hill October 23, 2019 in Washington, DC. (Photo by Win McNamee / Getty Images)

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text "content =" "Then I think we would be forced to leave the union," Zuckerberg said.

Zuckerberg elaborated later, saying that it is his understanding "that everyone is on a par with making sure we have American government approval for launches anywhere in the world. That's the goal and that's the plan. "

Rep. Nydia Velazquez asked Zuckerberg whether he would commit to a moratorium on Libra until Congress can develop a legal framework for regulators.

" My understanding is that Congress exercises considerable oversight of regulators through these committees. So that seems like the right way to do it, "Zuckerberg said." data-reactid = "39"> "Then I think we would be forced to leave the union," Zuckerberg said.

Zuckerberg elaborated later, saying that it is his understanding "that everyone is on par with making sure we have US legislation approval to launch anywhere in the world. That's the goal and that's the plan." [19659005] Rep. Nydia Velazquez asked Zuckerberg if he would commit to a moratorium on Libra until Congress can develop a legal framework for regulators.

"My understanding is that Congress exercises significant oversight of regulators through these committees. the right way to do that, "Zuckerberg said.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) –sm" type = "text" content = "" So it's a no, " replied Velazquez.

Rep. Ann Wagner (R-MO) pressed Zuckerberg on why several companies recently backed out of the Libra Association. "data-reactid =" 40 ">" So it's a no, "replied Velazquez.

Rep. Ann Wagner (R-MO) pressed Zuckerberg on why several companies recently backed out of the Libra Association.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = "" I think because it is a risky project . There has been a lot of scrutiny, "Zuckerberg said.

Several lawmakers grilled Zuckerberg on Facebook's credibility and reliability. Zuckerberg acknowledged the company has work to do to build trust." Data-reactid = "41"> "I think because it is "It's a risky project. There's been a lot of scrutiny," Zuckerberg said.

Several lawmakers grilled Zuckerberg on Facebook's credibility and reliability. Zuckerberg acknowledged that the company has worked to build trust.

Zuckerberg about diversity in the Vågenforbundet – but Zuckerberg could not tell the congressman how many women, minorities or members of the LGTBQ community are involved in the project.

<p class = "canvas- atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" "The audience needs to know if this is an organization that is truly diverse or if it is an organization that owned and operated by a small group of people who all have similar characteristics, "Green said.

Despite the bipartisan backlash, some lawmakers defended Facebook and praised Zuckerberg's efforts to innovate.

"Everyone can criticize. As you can see today, Washington politicians are quite good at criticizing, but creating something of value is significantly more difficult," said Rep. Andy Barr (R-KY). “We in Congress should look at innovation for potential opportunities to foster economic inclusion, reduce friction in transactions, help small businesses and bring the financial system to unbanked and underbanked communities. "" data-reactid = "47"> "The public needs to know if this is an organization that is truly diverse or whether it is an organization owned and run by a small group of people who all have similar characteristics," says Green. [19659005] Despite the bipartisan backlash, some lawmakers defended Facebook and praised Zuckerberg's efforts to innovate.

"Everyone can criticize. As you see here today, Washington politicians are pretty good at criticizing, but It is significantly more difficult to create something of value, "said Rep. Andy Barr (R-KY)." We in Congress should look at innovation for potential opportunities to foster economic inclusion, reduce friction in transactions, help small businesses and bring financial system for unbanked and underbanked societies. "

<p class =" canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" This story is evolving and will be updated.

Jessica Smith is a Yahoo Finance reporter based in Washington, DC Follow her on Twitter at @ JessicaASmith8 . "data-reactid =" 48 "> This story is evolving and will be updated.

Jessica Smith is a reporter for Yahoo Finance based in Washington, DC Follow her on Twitter at @ JessicaASmith8 .

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text "content =" Read more:

Zuckerberg states that Facebook is not the & # 39; ideal messenger & # 39; for Libra "data-reactid =" 49 "> Read more:

Zuckerberg states that Facebook is not the & # 39; ideal messenger & # 39; for Libra

<p class =" canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" & # 39; Is it the Internet we want? & # 39; Zuckerberg blasts China, Tik Tok for censorship "data-reactid =" 50 "> & # 39; Is it the Internet we want? & # 39; Zuckerberg blasts China, Tik Tok for censorship

<p class =" canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Elizabeth Warren wants to break up big tech. Other candidates are not so sure "data-reactid =" 51 "> Elizabeth Warren wants to break up big tech. Other candidates are not so sure

<p class =" canvas-atom canvas-text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" How Democratic candidates plan to protect American jobs from automation "data-reactid =" 52 "> How Democratic candidates plan to protect American jobs from automation

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Facebook's Mark Zuckerberg to testify before Congress on cryptocurrency Libra "data-reactid =" 53 "> Facebook's Mark Zuckerberg to testify before Congress on cryptocurrency Libra

<p class =" canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Follow Yahoo Finance at Twitter [19659037] Facebook [19659045] Instagram Flipboard LinkedIn [19659037] YouTube and reddit . "data-reactid =" 54 "> Follow Yahoo Finance at Twitter Facebook [19659038] Instagram Flipboard LinkedIn [19659045] YouTube and reddit .


Source link