Menlo Park, Calif. -- A pair of Congressional committees are looking into widespread allegations of impropriety involving Menlo Park-based Facebook's initial public offering (IPO) last week, The Huffington Post reported. Both the Senate Banking Committee and House Financial Services Committee told the publication they're gathering information, with an eye on potential hearings. Controversy has swarmed around the IPO following reports that underwriters shared key earnings information about Facebook with only a limited number of institutional investors. "Effective capital markets require transparency and accountability, not one set of rules for insiders and another for the rest of us," said Sen. Sherrod Brown (D-OH), chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection. "There's a lot that we don’t know about this IPO, but a lot that we do. We know that the SEC must fully investigate and take appropriate action if it discovers any violations." Facebook began trading on the Nasdaq last Friday.