[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
[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
Round of questions. We expect you to answer them fully and to the best of your ability. The commission is fully formed and five members. According to that commission, deaths and injuries and Property Damage if incidents stemming from Consumer Product cost the nation more than a trillion dollars. Thats an economic cost, the cost to human beings and lives and families is even much more and unknowable. You have a mandate to protect consumers from risks associated with 15,000 Consumer Products including household products, toys, Sporting Goods and more. They were established by the safety act in 1972. The jurisdictionally independent agency chargesen with forcing various federal statutes geared at protecting consumers. Central to the commissions function is the use of voluntarily Consumer Product standards instead of mandatory regulations, requirements when appropriate. This approach allows the agency to have a collaborative working relationship with consumer advocacy groups, manufacturers
From u. S. Consumer Product Safety Commission members on hazard quus products and consumer safety. They spoke about recent recalls including a fisher price sleeper that was associated with the deaths of more than 30 infants. This is about an hour and 15 minutes. Good morning, everyone. The subcommittee will come to order. Welcome to todays oversight hearing on consumer Product Safety Commission. Thank you to all the commissioners for being with us today. I am meezed that were having an on time start. We have votes at 11 30. There will only be one round of questions. That doesnt mean the witnesses cant pretend they dont have all the answers in the first round of questions. We expect you to answer them fully and to the best of your ability. The commission is fully formed and five members. According to that commission, deaths and injuries and Property Damage if incidents stemming from Consumer Product cost the nation more than a trillion dollars. Thats an economic cost, the cost to human
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