Welcome back ourwitnesses and i now recognize the gentle lady from washington. Thank you mister chairman and thank you all for your very informative testimony. You all touched on this but a common refrain we hear from companies is during the course of this committees investigation but also just on my own i have many of them in my district is that they cant possibly be violating antitrust laws and the primary argument is that its because many other products either cheap or free and therefore consumers are inherently benefiting. You all have indifferent ways talk about this. To me the big question of course is is free really free . Consumers i think its increasingly clear are paying for the products that they use read theyre paying in data, theyre paying in privacy and often dont know theyre giving up and of course the Big Tech Companies use that data to build these massive empires of information about consumers then give them spectacular advantage over newcomer businesses, allow these c
The committee will come to order. Without objection the chair is authorized today declare a 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, were here to examine the impact of facebook on the Financial Services and housing sectors. Our sole witness is facebooks chairman and ceo, mark zuckerberg. Facebooks plans to create a digital currency, libra, and a digital wallet raise 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 moratorium on facebooks development of this digital currency, libra, and digital wallet until congress can examine the issues associated with a Big Tech Company developing these Digital Products and take
Content. Section 230 of the commune cases decency act has enabled that echo system to involve by giving online companys the ability to moderate content without equating them to the publisher or speaker of that content. Weve been able the creation of millions and billions of people to come together and interact. Today, this committee will be examining that world that section 230 has enabled both the good and the bad. Id like to thank the witnesses for appearing before us today. Each of you represents important perspective related to the content and the ecosystem. Ony of you bring up concerns this complex issue. I agree this is a complex issue. Regulate y should disinformation and hate speech. Like too many communities my hometown of pittsburgh has seen what unchecked hate can lead to. Almost a year ago, our community suffered the most deadly attack on Jewish Americans in our nations history. The shooter did so after posting antisemitic comments before finally posting that he was in. A s
Statement. Online content moderation has largely enabled the internet experience that we know today. Whether looking up restaurant reviews on yelp, catching up on s l on youtuber checking on a friend or loved one on social media. These are experiences that we come to know and rely on. And the plot form that we go to to do these things have been enabled the User Generated Content as well as the ability of these companies to moderate that content in creek communities. Section 230 of the Communications Decency act has enabled that ecosystem to does all. By giving Online Companies the ability to moderate content without equating them to the publisher or speaker of the content, we have enabled the creation of Massive Online Community of millions and billions of people that come together and interact. Today, this committee will be examining that world that section 230 has enabled, the good and the bad. I would like to think the witnesses for appearing before us today. Each of you represent i
[inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to ord order. [inaudible conversations] [inaudible conversations] [inaudible conversations] 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 are here to examine the act of facebook on the Financial Services and housing sectors. Our sole witnesses the facebook chairman and ceo, Mark Zuckerberg. Facebooks plan to create a Digital Currency, libra, and a digital wallet raised many concerns relating to privacy, trading risks, 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 moratorium on facebooks