Real News.

Without objection, the chair is authorized to declare recess of the Committee at any time.

This hearing is entitled, an examination of Facebook and its impact on the financial services and housing sectors.

I now recognize myself for five minutes to give an opening statement.

Today we're here to examine the impact of Facebook on the financial services and housing sectors.

Our sole witness is Facebook's chairman and CEO Mark Zuckerberg.

Facebook's plans to create a digital currency, Libra, and a digital wallet, Calibra,

raised many concerns relating to privacy, trading risk, discrimination, opportunities for diverse owned financial firms, national security,

monetary policy, and the stability of the global financial system.

I and other Democrats have called for a more term on Facebook's

development of its digital currency, Libra, and digital wallet Calibra until Congress can examine the issues associated with a big tech company

developing these digital products and take action.

As I have examined Facebook's various problems, I've come to the conclusion that

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.

Let's review the record.

First on Diversity and Inclusion, Facebook has utterly failed.

The Facebook's executive ranks and workforce continue to be mostly white and male since

Reverend Jesse Jackson and the Rainbow Push Coalition called upon

Silicon Valley companies including Facebook to release its diversity statistics

more than five years ago, the representation of African Americans

and Hispanics has increased by less than 2%.

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