Thread by @RealBankReform

Today, the House Financial Services Committee is holding a hearing with Facebook CEO Mark Zuckerberg.

You can watch yourself at: financialservices.house.gov/calendar/event…

We will be clipping videos from the hearing in this thread. 👇👇👇

HUD "filed an official charge of discrimination against @Facebook for its advertising practices... I understand that Facebook has refused to comply with HUD's fair housing investigation" --@RepMaxineWaters #FacebookHearing

@facebook @RepMaxineWaters “Last year, Facebook banned all cryptocurrency ads on its platform” saying it was misleading and deceptive. “Then earlier this year, Facebook rolled back the ban, and bought a blockchain company, and launched your own currency.” —@RepMaxineWaters #ZuckBuck #BigTechTakeover

@facebook @RepMaxineWaters "Why should we believe what you're saying about protecting customer privacy & financial data?" -@NydiaVelazquez

Zuckerberg claims to be building a "privacy program...parallel to what Sarbanes Oxley would be for public companies" w quarterly certifications "all the way up to me"

@facebook @RepMaxineWaters @NydiaVelazquez @RepGregoryMeeks compares predatory payday lenders, who *claim* to want to help but really hurt consumers, to what Zuckerberg is claiming to do w #Libra.

Also takes him to task for not investing and of Facebook’s $ in Minority Depository Institutions

#ZuckBuck #BigTechTakeover

@facebook @RepMaxineWaters @NydiaVelazquez @RepGregoryMeeks .@RepAnnWagner: “When #Libra was announced 28 companies joined as founding members. In recent weeks, many of these members have dropped out. @Paypal, @Visa, @Mastercard, @Stripe…@eBay…you’ve lost these stable partners”

Zuckerberg: ¯\_(ツ)_/¯
#ZuckBuck

Good questions from @LacyClayMO1

https://twitter.com/civilrightsorg/status/1187030194202337286?s=21

@LacyClayMO1 Rep @BradSherman calls into question who @Facebook is actually trying to help with #Libra:

https://twitter.com/TakeOnWallSt/status/1187034330188701702

#ZuckBuck #FacebookHearing

@LacyClayMO1 @BradSherman @facebook @LacyClayMO1 asks if Zuckerberg will compy with subpoenas about their algorithm and how housing companies might have discriminated via Facebook

https://twitter.com/TakeOnWallSt/status/1187037799238766592

@LacyClayMO1 @BradSherman @facebook

https://twitter.com/TakeOnWallSt/status/1187042468740714496

@LacyClayMO1 @BradSherman @facebook .@RepBeatty quizzed Zuckerberg, “Do you know the firm that you employ for civil rights is?”— he didn’t.

She asked him questioned detailed in a civil rights report sent to him — he didn’t know.

“Maybe you just don’t read a lot of things about civil rights”
#Libra

@LacyClayMO1 @BradSherman @facebook @RepBeatty @RepKatiePorter asks Zuckerberg if he's committed to his privacy policy. He says yes.

“Then why are you arguing in court in a consumer data privacy lawsuit, that plaintiffs failed to demonstrate any harm? Will you commit to withdrawing this pleading?"

He won't #LibraInDC

And here is the second part of @RepKatiePorter’s questions to Zuckerberg, on:
- how many lobbyists they employ (he didn’t know, it’s 60)
- if he’ll do the excruciating content moderation work he pays $15/hour to contractors to do (he won’t) #LibraInDC

https://twitter.com/repkatieporter/status/1187068666485104640?s=21

@LacyClayMO1 @BradSherman @facebook @RepBeatty @RepKatiePorter @RepCasten asks Zuckerberg:
- If there were notes taken in his meeting with Trump [NO]
- If the antitrust investigation came up ["I don't think so, but the meeting was private" & he doesn't want to discuss]
- If exemption of politicians from misinformation standards come up [No]

Zuckerberg wants to “help” the underbanked, but claims not to be trying to create a bank. Thank you, @RepChuyGarcia, for pressing him on regulatory oversight:

https://twitter.com/raulacarrillo/status/1187103473273323520?s=21

#LibraInDC

@LacyClayMO1 @BradSherman @facebook @RepBeatty @RepKatiePorter @RepCasten AFR works each day to fight for a safer and fairer economy. If you would like to support our work, you can do so here: secure.actblue.com/donate/afr