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
[gavel] this meeting will come to order. 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 Fede
Discussion on slave refugee camps during the war. Watch American History tv tonight at 8 00 p. M. Eastern on cspan 3. This past june, facebook announced plans for its own crypto currency called libra. The cocreator of Libra David Marcus answered lawmakers concerned over the Digital Currency before the Senate Banking committee. This is about 2 1 2 hours. 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 res
Also tomorrow, the senate is expected to vote on the 9 11 Victim Compensation fund. In the house, legislation on Retirement Savings plans and border security. Watch the house live on our companion network cspan2. Tomorrow, Christopher Wray will testify in a hearing. Live coverage will be on cspan 3, starting at 10 00 a. M. Coming up on wednesday, the former special Counsel Robert Mueller testifies before the House Judiciary Committee and the house intelligence committee. That will begin at 8 30 a. M. Eastern, live on cspan and on our companion network, cspan3. It will also be online at cspan. Org. Listen with the free radio app. In 1979, a Small Network with an unusual name rolled out a big idea. Let they make up their own minds. Cspan opened the doors to washington policymaking for all to see, bringing you unfiltered content from congress and beyond. A lot has changed in 40 years, but today that big idea is more relevant than ever. On television and online, cspan is your unfiltered vi
Banks mixed. Carmax, the worst performer. 2. 13 , crude up to oil below 65 a barrel. Trucking index, s p, best performer today, more than 8 up. That is relieving investors. European markets now. A better day in europe. The dax up a quarter of 1 , cac upup 6 10 of 1 , ftse 100 for tenths of 1 4 10 of 1 . Questions about barbary moving over. First quarter doing well in china. That stock is up 13 . Thank earnings season, j. P. Banks, wells fargo, reported earnings this morning. Lets bring in our Investment Banking reporter. It seems pressure on margins not affecting banks much. Reporter it is affecting them in that wells fargo revised projections downward and the lowest net income in three years. Theres will come down contingent on how many rate hikes there are. Jamie dimon is saying it is like wind blowing. Investors are following the news well. Vonnie what are we seeing in terms of indications for u. S. Consumer . Reporter so far so good. Jp morgans long growth swelling, close to 7 last