• Home
  • About Team
  • Privacy Policy
  • Contact Us

GoSportTimes

  • Money
  • Entertaiment
  • Industry
  • Science
  • Sports
  • World Media

Facebook CEO Mark Zuckerberg agrees to testify before Congress on Libra

  • by Emilio Sims
  • in Money
  • — Oct 11, 2019
Share:

In a statement, Brown, the senior Democrat on the Banking Committee, and Schatz, a panel member, said they pointed out in the letter that "Congress, financial regulators, and potential Libra Association member companies have struggled to get sufficient details from Facebook about risks that Libra may pose, including facilitating criminal and terrorist financing, destabilizing the global financial system, interfering with monetary policy, or exposing consumers to risks now limited to accredited investors".

On Oct. 9, Congresswoman Maxine Waters officially announced that Zuckerberg will attend a congressional hearing entitled "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors".

Waters has sharply criticized Facebook's plans for a digital currency, known as Libra, and called for Facebook to halt development of the project.

David Marcus, the Facebook executive leading the project, told lawmakers over two days of congressional hearings in July that Facebook would not launch the currency project until it had received all the necessary approvals from regulators and secured safeguards to protect the privacy of users' data.

U.S. lawmakers have attacked Facebook on its Libra project, calling it "delusional" and "dangerous".

Facebook is continuing to pursue the launch of the currency, with members of the Libra Association due to meet next week in Geneva to formally sign up to the group.

Marcus and other Facebook executives have claimed the new digital coin could help lower costs for global money transfers and help those without access to the banking system. He did not agree to a suspension of the plan or a pilot project, as several lawmakers urged. At the hearing Committee Members discussed a draft bill, the "Keep Big Tech Out of Finance Act".

Never miss the latest news from the Star. It will be his first appearance before a USA congressional committee since April 2018 although last month he was on Capitol Hill to meet privately with some lawmakers.

Share:

IN CASE YOU MISSED IT

  • Legendary Goalkeeper Petr Cech Signs With Ice Hockey Club Guildford Phoenix
  • Iranian Women Excited To Attend Men's Soccer Match For First Time
  • Paras Chhabra's ex Sara Khan has this special message for him
  • YOU MAY ALSO LIKE...

    • China orders officials to remove foreign tech from computers 12/10/2019
    • Wall Street advances on strong jobs report, trade optimism 12/09/2019
    • KFC Selling Fried Chicken Scented Fire-logs 12/09/2019
    • Ford Recalls 265,000 Trucks, SUVs in 2 Separate Actions 12/09/2019
    • RBI pauses with dramatic effect, markets wobble 12/07/2019
    • Tesla CEO Elon Musk arrives in court for 'pedo guy' defamation trial 12/07/2019
    • Trump sees no deadline for China deal, prefers it post-election 12/07/2019
    • Job Market Surges As Employers Add 266000 Jobs In November 12/07/2019
    • Oil rises as OPEC weighs deeper output cuts 12/07/2019
    • Uber's s Shares Tank As Company Reports 6,000 Sexual Assaults 12/07/2019

RELATED NEWS

US arrests counterterrorism analyst over leaks to journalists
In the spring of 2018, the Federal Bureau of Investigation alleges Journalist 1 called Frese on his cellphone. It said Frese re-tweeted a link to one of the articles that used the information he allegedly had provided.
10/11/2019

Infection kills 3 infants at Geisinger neonatal ICU
He said that the center has done extra cleaning, put filters on taps and changed its medical center processes. The Danville hospital's neonatal intensive care unit treats more than 600 babies a year.
10/11/2019

Arsene Wenger reveals one main problem with Nicolas Pepe at Arsenal
Pepe joined Arsenal from French side Lille in the summer for a fee of £72million. We had some great times and it's wonderful you're getting this award tonight.
10/11/2019

Abraham: England players may walk if subjected to racist abuse
The first step is for the referee to be made aware of any racism and halt the game for an announcement to be made. If it persists the referee will take the teams off the field for a reasonable period of time.
10/11/2019

Welterweight boxing champ Errol Spence Jr. badly hurt in high-speed crash
The crash happened just after 3am after the vehicle travelled at a high speed and went over the central reservation. The 3 a.m. rollover Ferrari crash occurred on the morning of October 10, and it sent Spence to the hospital.
10/11/2019

China willing to reach agreement with U.S. - Vice Premier Liu He
Beijing is planning to tighten visa restrictions for USA nationals with ties to anti-China groups, sources said. Those include laws around intellectual property theft and the forced transfer of foreign technology.
10/11/2019

Samsung profit tumbles as memory chip business suffers from low demand
Samsung also expect sales to decline in the quarter to £42.3 billion, down from £44.6 billion for the same period previous year . Since the end of previous year , Samsung Electronics , the world's highest revenue semiconductor company, has been in trouble.
10/11/2019

Knicks' Morris ejected from preseason opener
Morris is expected to compete on the second team backing up starting NY forwards Kevin Knox and Julius Randle . Morris threw an egregious elbow that caught Washington Wizards guard Josh Anderson in the face.
10/11/2019

Women in Kenya's Nyeri County Benefit from Breast Cancer Screening Campaign
Komen's research grant program is supported in part by funds raised by the organization's nationwide network of Affiliates. Although the disease is far more pervasive among women, approximately 500 men also will die from breast cancer this year.
10/11/2019

Irish PM says Brexit deal is possible by October 31
Downing Street has said that Thursday's meeting was to allow "detailed discussions" on the process of securing a deal. But Johnson also insists the United Kingdom will leave the United Kingdom on October 31, come what may.
10/11/2019

    • Top picks

      • USTR Slams France's Digital Services Tax, Considers 100% Tariffs on French Products12/04/2019
      • The future of shopping is on smartphones. This Black Friday proved it.12/03/2019
      • Q2 GDP growth dips to 6-year low of 4.5%12/02/2019
      • Winter storm to arrive Sunday afternoon, bringing snow, rain, sleet12/02/2019
    • Weekly News

      • Local businesses set up shop for Small Business Saturday12/02/2019
      • Huawei to challenge FCC decision on government subsidy program12/01/2019
      • Black Friday iPad deals 201912/01/2019
      • India's Q2 GDP growth dips to 6-yr low of 4.5%12/01/2019
    • Latest News

      • India central bank keeps rates on hold in surprise move12/06/2019
      • Asian shares rise on optimism about US-China trade deal12/06/2019
      • Oil extends gain as Opec crude production slips before meeting12/05/2019
      • USA threatens 100pc tariffs on French goods over digital tax 'discrimination'12/04/2019
    • Home
    • About Team
    • Privacy Policy
    • Contact Us

    Monday 9 December 2019

    © 2019 GoSportTimes. ALL RIGHTS RESERVED.