[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
Republican on the subcommittee of communications and technology. The most significant subcommittee when it comes to technology and telecommunications in congress. He is our guest this week on the communicators. Congressman latta, what has your subcommittee been up to . Good news for the american citizens, we passed the robo call legislation. That is significant. When you think of the almost 50 billion rollcalls made every year into this country, it is going to hopefully provide relief to the american citizens. It is important, because in front of the top issues that people contact me about, it is also the top issue that the fcc year,e ftc receive every it is about robo calls. People say i thought i signed up for this do not call list, what happened . You signed up, but the calls are coming from overseas. There has been great work that has occurred on this. Not only in congress, but with the fcc and the carriers. Earlier this year, in the meetings i had with the fcc, they have call iden
Diversity officer. She tells us how facebook plans to double the number of female employees globally over the next five years, and why the company is setting such an ambitious target in the middle of a media firestorm. First to our top story. Facebooks plans to create its own Cryptocurrency Libra is not , getting love from lawmakers. And you can add fed chair Jerome Powell to the list. Take a listen to what he told the House Financial Services committee. While the project sponsors Public Benefits including improved Financial Access for consumers, libra raises serious concerns regarding privacy, money laundering, Consumer Protection and financial stability. These are concerns that should be thoroughly and publicly addressed. Facebook has a couple billion for thers so you have first time the possibility of a very broad adoption. If there were problems associated with money laundering, terrorist financing, any of the things we are all focused on, including the company, they would rise to
The american citizens out there who are on the telephone that we passed the robo call installation and that is pretty significant because we think of the almost 50 billion robo calls made every year into this country is going to hopefully provide relief to the american citizens out there and its important because a lot of people say the top issue the people contact me about and its also the top issue that the fcc in the ftc receive every year about robo calls. People say to me i thought i signed up for this do not call list. Unfortunately, you signed up for it but these calls are coming in from overseas and so theres been great to work on this, not only in congress but at the fcc and the carriers out there because in order to share in the meetings ive had with the fcc what we will see if they have a [inaudible] shaken technology they will be able to say when that call originates to a new look at your phone you will know that that is who that call is coming from and it will not be spoof