Hearing of the House Financial Services Committee - Opening Statement of Rep. McHenry, Hearing on An Examination of Facebook and Its Impact on the Financial Services
Hearing
Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), delivered the following opening statement at a hearing on Facebook's impact on the financial services sector with CEO Mark Zuckerberg.
Remarks as prepared for delivery:
"Today is a trial on American innovation.
"There's a growing concern about the role that technology plays in our lives.
"Yes, technology has led to greater prosperity, more freedom of expression, and the ability to transcend the limits of space and time to connect us with one another.
"But we know there's also a downside to all of this.
"The vitriol on social media is frightening. The growing inequality between those who have access to the latest tech gadgets remain on the coasts, while folks living in rural America are still trying to get basic access to the internet.
"Not to mention the anxiety of this age, that nervous feeling of needing to check your phone throughout the day.
"There's a lot of anger out there, and it's now being directed at the architects of this system.
"That's why you're here today Mr. Zuckerberg.
"This is not just about Libra, not just about some bad housing ads, and maybe not really about Facebook at all.
"You are here as one of the titans of this new era that we call the digital age. And fair or not, you are here today to answer for it.
"But of course, you are not America's first innovator, and this is not the first time that America has faced difficult questions about technology.
"Sadly, throughout the history of innovation, a major theme is the exploitation of fear.
"Politicians, enabled by special interests and a lack of understanding of new technology, use fear to justify what is ultimately a power grab.
"New laws. New regulation. But ultimately, old and tired ways to centralize power here in Washington.
"Some of this has led to comical results.
"There was time when legislators pushed for so-called "red flag' laws, which required vehicles, called "horseless carriages,' to immediately stop on the side of the road and disassemble the automobile until "equestrian or livestock was sufficiently pacified.'
"But other times in history the use of fear was not so funny.
"Our last hearing on Libra, for example, was a moment where a member of Congress actually compared the technology to September 11th.
"Look, I have my own qualms about Facebook and Libra and the shortcomings of Big Tech. There are many.
"But if history has taught us anything, it's better to be on the side of American innovation, competition, and most importantly the freedom to build a better future for all of us.
"Progress is not preordained.
"Let us not forget that the wave of innovation is spreading across the world--with or without us.
"So that is why I believe American innovation is on trial today.
"And the question is: Are we going to spend our time trying to devise ways for government planners to centralize power and control as to who, when, and how innovators can innovate, or are we going to spend our time building a brighter future for America together?"
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