[gavel] committee will come to order. Without objection the chair to declare recrest of the committee at any time. This hearing is entitledle policy and the state of the economy. I now recognize four minutes to an opening statement. Today we convene on Monetary Policy and the state of the economy. Chairman powell, welcome back. Oday i would like to start by addressing the current elephant in the room when it comes to policy and the fed. This president has made it clear or he has no understanding respect for the independence of the Federal Reserve. Doesnt d the fed, have a clue. Most lled at this time difficult problem for the u. S. Hes ing to media reports discussed firing chairman powell just as hes fired others he with. Not agree lets be clear. It is essential that the federal maintain its executive e from the branch. So i urge chairman powell and other Federal Reserve board overnors not to submit to the High Pressure tactics of this president who continues to push economic nd harmfu
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
And the state of the economy. The committee will come to order. The chair is authorised to declare recess at any time. This hearing is called Monetary Policy and the state of the economy. I would like to start by addressing the elephant in the room. This president has made it clear that he has no understanding or respect for the independence of the Federal Reserve. Doesnt fed, have a clue. Most lled at this time difficult problem for the u. S. Hes ing to media reports discussed firing chairman powell just as hes fired others he with. Not agree lets be clear. It is essential that the federal maintain its executive e from the branch. So i urge chairman powell and other Federal Reserve board overnors not to submit to the High Pressure tactics of this president who continues to push economic nd harmful and social policies. Another issue i hope chairman powell will address is facebooks recently announced with 27 other crip toe to develop a currency and digital wallet. And others have raised
As it pushes to make its own semiconductors. How this could be a game changer for future gadgets. Shares of facebook and google dropping on the heels of another president ial rant against u. S. Social Media Companies. Here is what President Trump told foxbusiness. We should be suing google and facebook, and perhaps we will, ok . To talk more about the reaction, lets go to our reporter in new york. Shares did react to the president s remarks. What happened . Absolutely they did. You look at facebook and google, you just saw the share prices. Down 0. 6 , so not anything huge. Minimal still pretty minimal, but we clearly saw before markets opened the stocks react off these headlines. He did also attack twitter. Twitter rose today. This harkens back to the conversation we have been having over antitrust laws. Everything we have heard over the doj investigation, ftc investigation, this is something here to stay. We are probably going to be hearing more about this, not just in the democratic
Amazon is in the crosshairs facing antitrust. Margaret vester prepares for a summer finale to her fiveyear crackdown on u. S. Tech giants. But first, to our top story, big tech in the eye of the storm on capitol hill. Facebook, amazon, apple, google, all appearing in washington to answer lawmakers questions. The first to be baked over the raked over the coals, facebooks david marcus was the david marcus. The cocreator of the cryptocurrency project. Senator Brown Facebook is dangerous. Now, facebook might not intend to be dangerous, but surely they do not respect the technologies they are playing with, like a toddler who has gotten a hold of a book of matches. Their motto is to move fast and break things. We would be crazy to give them a chance to experiment with peoples bank accounts. David we will take the time to get this right. Wouldnt it be easier and safer if people could inexpensively secure money transfers through their smartphones just like they do for so many things today . Th