Facebook Inc. Chief Executive Officer Mark Zuckerberg will tell the House Services Committee Wednesday that the social networking giant is extending American financial leadership and democratic values across the world.

The company released Zuckerberg’s set remarks ahead of his scheduled testimony for the hearing titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”

Facebook’s Libra cryptocurrency is at the forefront of both the testimony and the grilling Zuckerberg is expected to get at the hearing with various members, including Chair Maxine Waters, who has been critical of Facebook’s plans since they were announced.

“There are more than a billion people around the world who don’t have access to a bank account, but could through mobile phones if the right system existed,” Zuckerberg intends to say. “This includes 14 million people here in the U.S. Being shut out of the financial system has real consequences for people’s lives — and it’s often the most disadvantaged people who pay the highest price.… The problem of financial under-inclusion is solvable, and I believe that we can play a role in helping to find the solution.”

Playing the China card, Zuckerberg added that “while we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months. Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world. If America doesn’t innovate, our financial leadership is not guaranteed.”

On Libra specifically, Zuckerberg emphasizes that Facebook itself does not “expect to be leading” any efforts in its development as that will be the task of the Libra Association.

He also noted that Facebook will not be launching Libra anywhere in the world until it has approval in the U.S., adding that Libra also has no intention of competing with existing currencies. “[The Libra Association] will work with the Federal Reserve and other central banks responsible for monetary policy to make sure that is the case,” Zuckerberg states.

Zuckerberg’s testimony comes after a tumultuous period for the nascent cryptocurrency. Multiple companies have walked away from Libra this month starting with PayPal Holdings Inc. Oct. 6 followed by Mastercard Inc., Visa Inc., eBay Inc., Stripe Inc. and Mercado Pago Oct. 11 and Booking Holdings Inc. Oct. 14.

The testimony follows a speech given by Zuckerberg at Georgetown University Oct. 17 where he claimed that Facebook was a champion of free expression.

Photo: Time/YouTube