, Gary Kaltbaum and well the president is firing off this tweet, china dropped the price of their currency to an almost historic low, its called currency manipulation. Are you listening, Federal Reserve . This is a major violation, which will greatly weaken china over time. Wall street not liking that tweet at all today, but how much of a beating could markets take . What do you think . Look, i think they can go lower. Look weve had a good year already. Markets were up in the 20s. They were due, and theres some issues out there that have to be addressed. I ask myself questions every day why is the 30 year bond germany trading negatively. Why . Aways the economy there is sink ing and if germany is sink ing europe is. Same with japan. I think Economic Growth is slowing down and the market sees it and what happened on thursday with the pivot from the president really donald trump trick and i must tell you the dow is down about 1,450 points since, apple is down 115 billion of wealth since,
Our second panel is chris brummer, Research Professor director, institute of economic law, and University Law center. Our second witnesses katerina pastore, and columbia law school. Gendler who is professor of the practice of Global Economics and manager. Mit sloan school of management Senior Advisor to the director, Mit Media Lab and codirector of. The next witness will be robert wiseman, president , public citizen, and the final witness will be chief Strategy Officers. Welcome to all of you. Without objection, your written statements will be made part of the record. Each of you will have five minutes to summarize your testimony and with one minute remaining a yellow light will appear. At that time i will ask that you wrap up your testimony so that we can be respectful of both witnesses and Committee Members times. You are recognized for five minutes to present your testimony. Thank you so much. Members of the committee, thank you for inviting me to testify. Im here in my academic cap
We have a Good Opportunity if we enable more people to participate to offer services that can generate revenue. This is supposed to be a Nonprofit Organization, is in the . Im talking about the calibra wallop which will directly impact facebook. Is it going to be a nonprofit . No, calibra is a forprofit entity and the entity that will dold the wallet that will be offered to facebook consumers. Is Digital Currency illegal in some parts of the world quick skinny touch on that . Gets congressman there are an number of countries that prohibit buying selling or using Digital Currencies. I also want to mention privacy violation concerns things that americans have been concerned with. The american consumer, do they trust facebook and do they feel comfortable with your company . Congressman i believe we have a lot of work to do to earn Peoples Trust and we have two definitely make though strong commitments when it comes to privacy and make good on those commitments for long periods of time. I
Free cspan radio app. Earlier today facebooks david marcus testified before the Senate Banking committee to address concerns over the companys proposed Digital Currency. This is 2 hours and 20 minutes. This hearing will come to order. Today we will receive testimony from david marcus, head of libra at facebook. On may 9, senator brown and i sent a letter to facebook shortly after it was reported that the company was recruiting Financial Institutions and online merchants to help launch a cryptocurrency based Payment System using its social network. Our letter asked facebook for more information about how the system would work. Its access to and use of Consumer Financial information, and facebooks access to and use of information on individuals or groups of individuals in credit, insure, employment or housing. I appreciate facebooks response last week. Shortly after the letter was sent, facebook formally announce ds its intention to launch the Payment System libra and issued a white pape
Captioning performed by vitac many have expressed concern that facebook could outcompete banks and nondepository Financial Institutions and become some sort of Financial Services monopoly. I understand facebook has demonstrated a dominance in the social media space but i want to better understand this Financial Services monopoly idea. The Libra Association is made up of 28 pounding members, more to come, many of which have played in the Payment Processing space for a long time. Some of these firms are very large, visa and mastercard have billions of cardholders and process trillions of dollars worth of transactions. Some have argued that this association is a thinly veiled attempt at facebook eventually attempting to create a bank. It may or may not be, but i am more reminded of another Payment Innovation that started in the 1950s and 1960s as associations of likeminded companies, the Bank Card Payment networks. Banks issued their own cards, but banded together as Regional Bank card as