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Facebook CEO Zuckerberg to Testify on Libra

Facebook CEO Mark Zuckerberg is scheduled to appear before the House Financial Services Committee on Oct. 23, a hearing expected to focus on the company’s plans to launch Libra, a new global cryptocurrency. 

The hearing comes as the committee has been negotiating with the social media giant to bring both Zuckerberg and Chief Operating Officer Sheryl Sandberg to Washington to testify about plans to launch the digital coin in partnership with other large financial services companies, including Visa and Mastercard.  It isn’t clear if Sandberg will still testify on Oct. 29 as previously scheduled. 

The plan to have Zuckerberg appear before Congress comes after the Facebook executive heading Libra, David Marcus, failed to dispel lawmakers’ concerns about the currency during his own appearance before the committee in July. Given Facebook’s ability to launch Libra to 2.4 billion active users, House members are eager to hear from the company’s most senior leadership about its plans.

In addition, committee members are expected to question Facebook about its efforts to block real estate companies from targeting home buyers and tenants on the basis of race, religion and national origin. The Department of Housing and Urban Development alleged in a lawsuit filed in March that Facebook advertisers were violating the Fair Housing Act.

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