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5 Takeaways From Zuckerberg's House Hearing

Waters told him Facebook should address 'failures' before launching cryptocurrency
By Rob Quinn,  Newser Staff
Posted Oct 24, 2019 12:10 AM CDT
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Facebook CEO Mark Zuckerberg testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Oct. 23, 2019, on Facebook's impact on the financial services and housing sectors.   (AP Photo/Andrew Harnik)
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(Newser) – Mark Zuckerberg faced a grilling from lawmakers on the House Financial Services Committee over Facebook's plans for a cryptocurrency—but the questioning went beyond the Libra project to include issues like the Cambridge Analytica scandal and Facebook's record on diversity. "We aren’t perfect, and we make a lot of mistakes," the CEO admitted after criticism from both Democrats and Republicans. Rep. Maxine Waters told him that Facebook should address its many "deficiencies and failures" before proceeding with the controversial project. Some takeaways:

  • "Helping drug dealers." Lawmakers from both parties expressed serious concerns about Libra and how it would be regulated, with Democratic Rep. Brad Sherman rejecting Zuckerberg's claim that it would help poor people without bank accounts, the Guardian reports. "For the richest man in the world to come here and hide behind the poorest people in the world, and say that’s who you’re really trying to help,” he said. "You're trying to help those for whom the dollar is not a good currency—drug dealers and tax evaders."

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