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October 10, 2019

Facebook CEO to appear before Congress on currency plan

  • Lawmakers from both parties and top regulators have criticized the new currency, expressing concern that it could be used for illicit activity such as money laundering or drug trafficking.
    • By MARCY GORDON
    AP Business Writer

    WASHINGTON — Facebook CEO Mark Zuckerberg will appear before Congress this month as the tech giant is under pressure from lawmakers and regulators over its massive market power and record of privacy breaches.

    Rep. Maxine Waters, the California Democrat who heads the House Financial Services Committee, announced Wednesday that Zuckerberg will testify at a hearing by the panel on Oct. 23. The focus will be on Facebook's plan to create a digital currency and its role in housing. The company agreed in a legal settlement in March to overhaul its ad-targeting systems to prevent discrimination in housing, credit and employment ads.


     
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