Oct 9, 2019

Mark Zuckerberg to testify before Congress about Facebook's Libra

Photo: Chip Somodevilla/Getty Images

Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on Oct. 23 as part of a hearing titled, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors."

Why it matters: Libra, Facebook's cryptocurrency project, faces headwinds from lawmakers and regulators. In July, House Financial Services Chair Maxine Waters (D-Calif.) called for a moratorium on the project. Zuckerberg's decision to testify about Libra personally rather than sending a subordinate is a sign of the effort's importance to Facebook.

Go deeper: Congress members express concerns over Facebook's cryptocurrency

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Ahead of Zuckerberg testimony, new setbacks for Libra

Mark Zuckerberg leaves a meeting with Sen. John Cornyn (R-Texas) on Sept. 19. Photo: Samuel Corum/Getty Images

Facebook CEO Mark Zuckerberg plans to testify on Libra, Facebook's proposed global cryptocurrency, on Oct. 23. — in the wake of Visa, Mastercard, eBay, Stripe and PayPal pulling out of the project.

The big picture: Visa, Mastercard and Paypal were the largest payment companies in Facebook's "Founding Members" group, or organizations that said it would back the Switzerland-based foundation that plans to manage the Libra cryptocurrency.

Go deeperArrowOct 12, 2019

As Zuckerberg hearing opens, Maxine Waters lays into Facebook

Photo: Chip Somodevilla/Getty Images

The agenda for Facebook CEO Mark Zuckerberg's return to Capitol Hill Wednesday before the House Financial Services Committee is largely devoted to Facebook's cryptocurrency project, Libra.

Yes, but: Rep. Maxine Waters, the committee's chair, lit into Facebook in her opening statement, making clear that the hearing would be about all the other charges lawmakers have leveled against the social network, too — including monopolistic behavior, discrimination, privacy violations, breaches in election security, and whether the government should break up Facebook.

Go deeperArrowOct 23, 2019

Mark Zuckerberg assailed from all directions in Hill marathon

Photo: Chip Somodevilla/Getty Images

More than 50 members of Congress barraged Facebook CEO Mark Zuckerberg from all directions at a six-hour House Financial Services Committee hearing on Wednesday that ranged far afield from its ostensible topic — Facebook's cryptocurrency project, Libra.

Driving the news: Instead, Wednesday's hearing focused on Facebook's handling of discrimination and civil rights and its lack of diversity, its role in elections, free speech and content moderation, monopolistic behavior, anonymity, terrorism, child sexual abuse, and more.

Go deeperArrowOct 23, 2019