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Facebook CEO Mark Zuckerberg to appear before Congress on currency plan

Facebook CEO Mark Zuckerberg will appear before Congress this month as the tech giant is under pressure from lawmakers and regulators over its massive market power and record of privacy breaches.

Tech giant is under pressure from lawmakers over its massive market power and record of privacy breaches

Facebook Chief Executive Mark Zuckerberg, seen entering the office of U.S. Senator Josh Hawley, a Republican from Missouri, in Washington, September 19, will appear before Congress this month. (Joshua Roberts/Reuters)

Facebook CEO Mark Zuckerberg will appear before Congress this month as the tech giant is under pressure from lawmakers and regulators over its massive market power and record of privacy breaches.

Rep. Maxine Waters, the California Democrat who heads the House Financial Services Committee, has announced that Zuckerberg will testify at a hearing by the panel on Oct. 23. The focus will be on Facebook's plan to create a digital currency and its role in housing.

The company agreed in a legal settlement in March to overhaul its ad-targeting systems to prevent discrimination in housing, credit and employment ads.

Lawmakers and top regulators have criticized Facebook's plan for the new currency, expressing concern that it could be used for illicit activity such as money laundering or drug trafficking.