The Committee on Financial Services held a hearing at 10:00 a.m. on Wednesday, October 23, 2019, in Room 2128, Rayburn House Office Building entitled, “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” This was a one-panel hearing with the following witness:
- Mark Zuckerberg, Chairman and Chief Executive Officer, Facebook
Background
Libra and Calibra
On June 18, 2019, Facebook announced its plans to develop a new cryptocurrency, called Libra, and a digital wallet to store this cryptocurrency, called Calibra. Libra will be built on blockchain, backed by a reserve of assets, and governed by the Libra Association.1 The Libra Association (“Association”), which, at that time, was comprised of Facebook and 27 other members, is an independent, not-for-profit organization headquartered in Geneva, Switzerland. Its members will verify Libra transactions within the Libra blockchain. Facebook hopes to have recruited over 100 firms into the Association by the target launch date of early 2020.
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Legislation
- H.R. ____, "Keep Big Tech Out of Finance Act" [DRAFT]
- H.R. ____, "Stablecoins are Securities Act of 2019"[DRAFT]
- H.R. ____, ‘‘Designing Accounting Safeguards To Help Broaden Oversight and Regulations on Data’’. [DRAFT]
- H.R. ____, ‘‘Diverse Asset Managers Act’’. [DRAFT]
Witness List
- Mark Zuckerberg, Chairman and Chief Executive Officer, Facebook
