Facebook CEO to appear before Congress on currency plan

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Mark Zuckerberg

FILE – In this April 11, 2018, file photo, Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington about the use of Facebook data to target American voters in the 2016 election and data privacy. Zuckerberg will be in Washington Thursday, Sept. 19, 2019, to meet with lawmakers and talk about internet regulation. The company said the meetings are not public and it did not give details on whom Zuckerberg is meeting with and what, exactly, he’ll discuss. (AP Photo/Andrew Harnik, File)

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WASHINGTON (AP) — 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, has announced 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.

Lawmakers and top regulators have criticized Facebook’s plan for the new currency, expressing concern that it could be used for illicit activity such as money laundering or drug trafficking.

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