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Maxine Waters tells Zuckerberg he clearly feels like he's above the law and needs to fix all of Facebook's real problems before starting with Libra and creating new ones.

John McHenry says to Zuckerberg "American innovation is on trial today... It’s not about Libra, it’s not just about some housing ads, and maybe it’s not really about Facebook at all, it’s that larger question. You are here today to answer for the digital age."

Zuckerberg is now giving his prepared remarks... explaining that Libra will help address income inequality with the unbanked, will improve America's standing in financial innovation vs China. He concedes that Facebook is not the best messenger for Libra given its many scandals.

McHenry asking Zuckerberg what are the business reasons to do Libra? Competition? (cutting at his lofty humanitarian promises.) “It was partially that, and it’s partially because I view the financial infrastructure in the United States as outdated,” Zuckerberg says

Zuckerberg said he doesn't know if any of the other members of Libra have contributed any money to it yet/if they're going to be required to. (would be a good thing to know when testifying about Libra!)

Rep Williams to Zuckerberg: "I'm really glad you are a capitalist."

Rep. Foster is asking about the mechanics. With Libra can people get refunds? Transact anonymously? Zuckerberg says all these qs are still up in the air. Everything is so hypothetical that it's obvious Libra isn't what this hearing is really about. It's a way to get to Zuckerberg

Rep Pressley pushes Zuckerberg on saying he has a product solution for the under-banked. The problem isn’t transaction cost or identity. “You understand the power but I don’t think you understand the pain. There’s underbanking because people are broke.”