2 panels to launch review of Facebook IPO

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by Laura Matovina

WASHINGTON (AP) -- Two congressional panels are reviewing Facebook's high-profile stock offering last week amid allegations that the bank handling the IPO may have provided only select clients with a negative assessment of the company.

Chairman Tim Johnson of the Senate Banking Committee, Democrat of South Dakota, said late Wednesday that his panel wants to learn more about the offering.

The social network began trading publicly on Friday.

The committee seeks briefings with Facebook representatives, regulatory agencies and others.

After the briefings, Johnson said, he will determine whether a hearing should be held.

The House Financial Services Committee also is gathering information about Facebook's IPO. The committee staff is getting briefings, an aide to the panel said, speaking on condition of anonymity because the committee's planned inquiry hasn't been publicly announced.

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