Congress suggests Zuckerberg to focus on addressing the current deficiencies before proceeding on to the Libra project
Facebook Inc CEO Mark Zuckerberg conceded on Wednesday that the company’s planned digital currency Libra was a “risky project,” but sought to reassure skeptical U.S. lawmakers that it could lower the cost of electronic payments and open up the global financial system to more people. Zuckerberg also fended off aggressive questions on election interference, free speech, hate groups and fake news from members of the U.S. House of Representatives Financial Services Committee.
Representative Maxine Waters, the panel’s fiery Democratic chair, quizzed Zuckerberg on Facebook’s steps to combat misinformation and voter suppression ahead of the November 2020 U.S. presidential election. She also suggested policymakers should consider breaking up Facebook.
Waters had previously called for halting the Libra project before its planned 2020 launch, and has drafted legislation that would bar tech companies from entering financial services.
“It would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project,” Waters told Zuckerberg two days after Facebook disclosed it had removed a network of Russian accounts targeting U.S. voters on its Instagram platform.
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