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Zuckerberg's congressional hearing testimony full text: Libra can improve the financial leadership of the United States

via:博客园     time:2019/10/23 11:32:28     readed:73

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Focus:

  1. Zuckerberg said in his testimony that the idea behind Libra is that sending money should be as simple and safe as sending a text message. Libra will be a global payment system, fully supported by cash and other highly liquid assets.
  2. Facebook backed cryptocurrency Libra will enhance the financial leadership of the United States, as well as its democratic values and oversight around the world. But Facebook will not launch a Libra payment system anywhere in the world until it is approved by US regulators.
  3. Facebook is not trying to help create a whole new sovereign currency. Like the existing online payment system, Libra is also a way for people to trade.
  4. Facebook opposes all forms of discrimination and values diversity because it brings better decisions, better products and a better culture.

Tencent Technology News, October 23 news, according to foreign media reports, Facebook CEO Mark

The full text of Zuckerberg's testimony is as follows:

Makin

More than 1 billion people in the world today do not have access to bank accounts, but if the right system exists, they can access these banking services on their mobile phones. These people, including 14 million Americans, who are shut out of the financial system can have a huge impact on people's lives, and often the most vulnerable pay the highest price.

People pay too much and have to wait a long time to send money home. They are disappointed by the current system. The financial industry is stagnant and there is no digital financial architecture to support the innovation we need. But I believe this problem can be solved, and Libra can help. The idea behind Libra is that sending money should be as simple and safe as sending a text message. Libra will be a global payment system, fully supported by cash and other highly liquid assets.

I believe that's what needs to be built, but I know we're not the ideal messengers yet. We've had a lot of problems in the past few years, and I'm sure people want that idea to come from anyone but Facebook. But we care about it for a reason. Facebook's purpose is to put power in people's hands. Our services enable people to express things that are very important to them and build businesses that create opportunities.

It is also important that people control their money, simple, secure and stable transfer of funds is an authorization act. In the long run, if this means that more people use our platform, this will be good for our business. But even if it's not, it can help people around the world.

Before we move on, there are some important risks that need to be addressed. These problems are related to financial stability and the fight against terrorism. I'm here today to discuss these risks and how we plan to address them.

But I also hope we can talk about the risk of lack of innovation. When we discuss these issues, the rest of the world is not sitting and waiting. Libra will be supported mainly by the dollar, which I believe will expand the financial leadership of the United States, as well as our democratic values and oversight around the world. If the United States does not innovate, there is no guarantee of our financial leadership.

Together, we have written a white paper to bring this idea to the public and have a dialogue with regulators, experts and governments. Today's hearing is an important part of this process. The issues we are discussing today are of great importance to any company. That's why we helped set up the Libra Association, a coalition of 21 companies and non-profit organizations that strive to make financial instruments available to everyone.

Even if Libra is independent, we can't control it, but I would like to clarify that Facebook will not launch Libra payment systems anywhere in the world until it is approved by US regulators.

Last time I testified in Congress, I talked about a broader view of our responsibilities. This includes ensuring that our services are used to do good and prevent harm. People should not be discriminated against in any of our services. We have appropriate policies to prevent hate speech and remove harmful content. However, discrimination will also be reflected in the positioning and broadcasting of advertisements. As part of the settlement with civil rights organizations, we have banned advertisers from using age, gender or postal code to locate housing, employment or credit opportunities, and we have restricted the interest orientation of these ads. This is part of our commitment to support civil rights and prevent discrimination.

I also know that our company needs to have more different perspectives. Diversity promotes better decision-making and provides better service to our community. We will prioritize diversity in recruitment, and we have promised that within five years, we want at least 50 per cent of our employees to be women, people of color and other underrepresented groups.

We've made some progress with the Facebook leadership, with more people of color, women in technical and business roles, and under represented groups. But I know we have a long way to go.

For Facebook, these years have been challenging years. I recognize that we play a unique and important role in our society. I feel lucky that in this position we can make a difference in people's lives, and as long as we are here, I am committed to using our position to promote the great idea that we believe that people can be given more power.

Libra project

The Libra project aims to promote financial inclusion by sending and receiving payments globally in a secure, low-cost and efficient manner. Research shows that access to financial services can help people out of poverty, which is especially important for women in developing countries. We believe that this is a problem that can be solved, and we want to be part of it.

Libra is a potential approach, and we are proud to help build a coalition of 21 companies and non-profit organizations that are now committed to helping advance that goal. Building this broad-based alliance is a positive step, and I welcome the dialogue that Libra has sparked. But in terms of design, we do not expect to lead these efforts forward. The Libra coin association has been established, has and has an appropriate governance structure, which will promote

The project went on.

On Facebook, we're also exploring other ways to give more people access to financial services. For example, reduce the cost of remittance through our existing platform. We recognize that other organizations are also working to meet this challenge, and we support that as well. We will continue to discuss our efforts with regulators. We understand that regulatory issues, including money laundering and terrorist financing, sanctions, and potential currency disruption and systemic risks, must be addressed in order to promote financial inclusion in any way.

I know Libra will notice these things as we move forward, and at Facebook, we are also concerned about what we can do as a company to solve inclusive finance.

We also understand the importance of transparency in our efforts. I realize that some people have expressed concerns about the Libra project and the role of Facebook in it. I would like to briefly talk about how we are trying to solve the problems we have heard.

First of all, we hear people worry that we move too fast. As we said from the beginning, we are committed to taking the time to do it well. We co-authored a white paper to begin a dialogue with experts, regulators and policymakers overseeing the security of financial system stability. However, this white paper is never intended to be the final clause of this project, it is just a signal of the direction we want to move forward and trigger a dialogue on how to achieve the goal. This dialogue is ongoing and we will continue to advocate responsible innovation in the process.

Second, some say we intend to bypass regulators and regulations. We want to be clear: Facebook will not participate in the launch of the Libra payment system anywhere unless approved by all US regulators. We support the postponement of Libra's release until it fully addresses regulatory concerns in the US.

We have met with regulators in 30 different jurisdiction. Libra has been focused on talking to regulators and other stakeholders, but founding members of the association, including Calibra, a Libra-related subsidiary of Facebook, are also in talks with elected officials, including many members of Congress. This is the way democratic supervision and review work.

When it comes to Calibra, I know some people want to know if we can be trusted in building payment services that protect consumers. We recognize that we have a responsibility to provide people with all the protection they want when they send and receive payments online. We have already done so within our services. For example, every day people buy products through instagram shopping, which helps businesses of all sizes show customers what they might be interested in. People buy from each other on Facebook marketplace and send money to friends and family via messenger.

Facebook is committed to providing strong protection for the financial information we receive from consumers, and I would like to clarify how we deal with this information:

  • We don't sell people's data;
  • We do not use people's data to make decisions about borrowing, nor do we have to create credit reports;
  • We do not share information about lending or credit decisions with third parties;
  • We use information about product transactions to improve services, including advertising. However, we will not use people's payment account information for advertising purposes.

All payments through Facebook authorized payment subsidiaries will be subject to comprehensive anti-money laundering, counter-terrorism financing and sanctions monitoring. We will use our automation system and manual review to report suspicious payment activities to relevant departments with regulatory obligations. We also have strategies to prevent fraud.

We are committed to developing similar compliance systems for Calibra applications as well as strong consumer protection, customer support and password recovery capabilities. Automated tools will proactively monitor activities and detect fraud, and Calibra plans to return any unauthorized transactions.

I also realize that people who use Calibra will also have concerns about their financial data. We set Calibra to a regulated subsidiary that clearly separates social and Calibra financial data from Facebook. Calibra will not share user account information or financial data with Facebook, except to prevent fraud or criminal activity, or when a user explicitly chooses to share data, or when we have a legal obligation to do so.

The final question is whether Libra intends to replace sovereign currencies and whether it is appropriate for private companies to participate in this innovation. I want to make it clear that this is not an attempt to create a sovereign currency. Like the existing online payment system, it is also a way for people to trade.

Monetary policy is the responsibility of central banks, not Libra. Libra does not want to compete with any sovereign currency, nor does it want to enter the field of monetary policy. It will work with the Federal Reserve and other central banks in charge of monetary policy to ensure that this is the case. We expect Libra Association's regulatory framework to ensure that the association does not interfere in monetary policy. Libra is also designed to take full account of economic security and stability and will be fully supported through the Libra Reserve reserve.

We also believe that Libra provides an opportunity to strengthen the fight against financial crimes such as money laundering and terrorist financing. Many illegal activities are funded by cash. Such a digital payment system will be more secure with effective upstream and downstream supervision and proper understanding of customer behavior. Law enforcement and regulatory agencies can also analyze online activities.

I hope that we can find the way forward in this area, as we believe that Libra's responsible innovation will allow more people to obtain the financial instruments we can readily available. The digital payment system will become very important in the future. If the United States does not take the lead, other countries will do so. Foreign companies or countries may act without the same regulatory oversight or lack of commitment to transparency. We have seen how companies with very different values limit users. No one can guarantee that services that support democracy and the expression of fundamental rights will prevail.

More generally, we are in an era of increasing scrutiny across the industry and our companies. Technology plays a more important role in our life and society, and we have made mistakes. But if health doubt Turns into total hostility, we will put a lot of progress at risk. Six million Americans work in the Internet industry. Last year, our industry invested more than $60 billion, helping to drive research and innovation in this country. The Internet industry accounts for 10.1% of the GDP of the United States. The services we provide create a lot of value for people's lives.

The work, investment and innovation are not incidental. They are the result of our willingness to try new things, of course they are difficult and not always effective. I understand people's concerns about Libra. But I think that if an enterprise is not willing to accept such a challenge, it is to choose a more conservative choice to consolidate the present situation, which is detrimental to our country and the world. This will damage our country's reputation for innovation, to reduce our economic competitiveness and ultimately to focus more on existing players.

Combating discrimination

While we believe in innovation, we also realize that we have a responsibility to ensure that our products and services are used for good. For example, people should not be discriminated against on Facebook.

Prevention of advertising discrimination

Advertisers on Facebook can choose to display their ads to people interested in a particular topic. This is an important part of how our platform democratizes advertising. If you run a small business, you can show your ads to people who may be interested in them, such as those who are interested in the specific products or services you provide.

Our policy has long prohibited discrimination, but we have made significant changes to the advertising platform to further prevent advertisers from abusing our tools and discriminating in their targeted advertisements.

Earlier this year, we announced that we have changed the way we manage housing, employment and credit advertising. This is part of a historic reconciliation agreement with civil rights organizations, such as the National Fair for Housing, and is also based on the recommendations of the experts on civil rights.

Advertisers who want to advertise on these topics must now go through a special ad buying process that does not allow targeted advertising by age, gender or zip code. In these special ad buying processes, we have limited the interest based categories available to advertisers to a few ads that are not related to these protected categories. We enable people to search and view all current home ads in the United States through advertisers, regardless of who they are showing them to. We are committed to moving beyond settlement agreements to allow people to search jobs and credit ads on Facebook in the United States.

We have more to do here. But we are proud of these recent efforts, which send the message that Facebook is committed to protecting civil rights and protecting our users from potential discrimination. The National Fair Housing Alliance has noticed that we are making changes to make Facebook a standard and leader in civil rights in technology.

B. our civil rights audit

It's just one way people interact with our platform, and that's why we're trying to ensure that our policies are fair and fair. We are actively cooperating with the civil rights leader, Laura Murphy, for the civil rights audit of our company, which has proved our efforts.

We have made some changes to the feedback we received, including:

  • (a) The creation and formal establishment of a working group on civil rights, which meets monthly to reveal, discuss and resolve civil rights issues;
  • Expand our long-term ban on white supremacy to include white nationalism and white separatism;
  • (a) Efforts to prevent the emergence of error messages and interventions in the upcoming elections and the 2020 population census;
  • Update our policies and take measures to be more proactive in dealing with the repression of voters. For example, during the 2018 U.S. mid-term elections, our team found and deleted more than 45000 suppressed voters designed to prevent people from voting. Before users report to Facebook, we have actively identified more than 90% of the content.

Our commitment to diversity

We know that we need our workers to have different perspectives. That's why we prioritize diversity in our recruitment. We have a lot of work to do, but we are committed to achieving our goal of having at least 50% of our workforce made up of women, people of color and other underrepresented groups over the next five years.

We value the diversity of Facebook because it leads to better decisions, better products and better culture. It also ensures that the products we build reflect the community culture of users around the world.

When it comes to recruitment, we have different methods. This ensures that recruiters select qualified candidates from under represented groups and submit them to the hiring manager who is looking for talent to fill the vacancy. Since we started testing this method in 2015, we have seen a steady increase in the recruitment rate of underrepresented people.

Today, Facebook has more people from different backgrounds and experiences, more people of color, more women in technical and business roles, and more underrepresented people at the leadership level. By focusing on recruiting and developing female leaders within the company, we have achieved greater representation of women in leadership. In the past few years, most new female leaders have been promoted internally. Last year, we spent more than $400 million on certified diversified suppliers, up 73% from 2017. Thirty-four per cent of these suppliers are owned by women and 70 per cent by ethnic minorities.

As part of our efforts, we strive to establish a strong relationship with organizations that support color and women. We have a partnership with CodePath.org, the Joint Black College Foundation, and historic black colleges and universities. We started some practical programs, such as Facebook University.

I'm the first to admit that we still have a lot of work to do. We have not yet met the requirements of diversity, especially at the leadership level. We've spent a lot of time focusing on diversity in a rigorous way, but the improvements we've made still haven't had as far-reaching an impact as we'd like. But we will remain committed to that, and we will work hard to achieve our diversity goals. If we can do that, Facebook will become a stronger company, better able to advance our mission and take on the responsibilities that come with it.

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These are challenging years for Facebook. We know that we still have a lot of work to do on issues such as privacy and security, and we can't live up to people's expectations. We know that companies like Facebook have become part of people's daily lives, with huge responsibilities and many very difficult decisions.

We don't think we should deal with these issues alone, which is why I call on governments and regulators to play a more active role in harmful content, protecting elections, privacy and data portability. I know we have a lot of work to do, but I also know that these problems can be solved, and I believe that we can play a role in helping to find solutions. I hope I can answer some of your questions today. (reviewed by Tencent science and technology / Jinlu, Jiaohan, Yuexue)

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