[inaudible conversations] [inaudible conversations] is recognized for five minutes. Thank you. Mr. Zuckerberg, thank you for being here today and i want to thank the chairwoman for having this hearing. Youve said a lot of things today that couldnt have been said during the last hearing. Your responses to questions has been very district and very helpful. Thank you for that and thank you very much for being here. I just had a few quick questions about the Libra Association. On the website, one of the benefits before mr. Marcus appeared before our committee was that those contributing, who joined the association, could derive dividends from libra investment tokens and thats since been taken off. Could you elaborate on that . Sure, congressman, i think that there had been an idea that in order to encourage marketing of the payment service, that there might be some investment that other companies could make into this and some return that they could make, but i think that that idea has eith
The middle east, in the midst of these ancient sectarian and tribal conflicts. After all of the blood and treasure america has poured into the deserts of the middle east, i am committed to pursuing a different course, one that leads to victory for america. Through much work, we have done things that everybody said couldnt be done. Todays announcement validates our course of action with turkey that only a couple of weeks ago was scorned and now people are saying, wow, what a great outcome, congratulations. Its too early to me to be congratulated. But weve done a good job. We saved a lot of lives. Most importantly, we have avoided another costly military intervention that could have led to disastrous consequences, many thousands of people could have been killed. The last administration said assad must go. They could have easily produced that outcome, but they didnt. In fact they drew a very powerful red line in the sand, you all remember, the red line in the sand, when children were gass
Well come to order. Without objection, the chair is authorized to declare a recess of the committee at any time. This hearing is entitled the end of Affordable Housing, question mark. A review of the Trump Administrations plans to change Housing Finance in america. Before i recognize myself, members today its mr. Mchenrys birthday. If anyone wishes to sing happy birthday, please save it until later. Thank you. We all thank you for that, madam chair. Happy birthday. And i now recognize myself for four minutes to give an Opening Statement. Good morning. Today were here to discuss the impact of the Trump Administrations Housing Finance reform plans. We are joined by treasury secretary Steve Mnuchin, h. U. D. Secretary ben carson, and federal Housing Finance agency director. Welcome. Let me say up front that the Trump Administrations Housing Finance reform plan would be a disaster for our housing systems. The Trump Administration is threatening to end the conservatorship of the enterprise
[inaudible conversations] the 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 shortly after it was reported that company was recruiting Financial Institutions and online merchants to launch a cryptocurrency based Payment System using a social network. We asked space bar for more information how the system would work, access and use of Consumer Financial information and facebooks access to use of information on individuals or group of individuals for credit or insurance or housing i appreciate facebooks response last week. Shortly after the letter was sent facebook formally announced its intention to launch the Payment System libra and issued a white paper providing information on the project. Since then us and Global Regulators have taken notice including the Federal Reserve, reserve, Uk Financial Conduct Authority and a stability board, g7 and others for the last week during the Federal
From the g7d review working group and others, is to have a very stable value retentive Digital Currency. It will be a very high quality Digital Currency in a number of countries that are currently receiving a lot of their income from abroad. They will now receive a lot of their income from abroad in a Stable Currency that will retain its value. Obviously many of those same third world countries and some than third world have very strict controls on foreign currency. They have currency controls and currency boards and do not allow their consumers to take action outside of their home currency and they do not allow their home currency to be taken out of the country. How does liu brooklyn on dealing with that . Libra plan on dealing with that . There are lots of countries that have the problems you highlighted and do not have currency controls that we can address right away. For other countries it will be on a country by country approach. Any wallet on top of the Libra Network will be inte