[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
Proposali think the has huge potential, and i think the challenges for the transaction of the exchange for services and so forth, today, still has lots of obstacles to be overcome, including that of security and privacy. Nonetheless, we look forward to observing and participating in this because i really do think it is the wave of the future. As senator tillis said, we are either going to be responding to it or actively involved and running from it. Thank you. Senator cortez . Senator thank you very much. We appreciate you being here and answering the questions. This is obviously very innovative for all of us and exciting. Have a couple of questions if you thought through some concerns many of us have. One for me is something i dealt with in nevada as the attorney generals the issue of Money Laundering. I know there is clear Regulatory Oversight we have now to address Money Laundering that comes in so many forms, but one is terrorist financing that moneylaundering supports. How will th
How did you like the weather today . Im not complaining. Hey, why not. It depends on where you work. That this is probably way too hot. But along the coast its absolutely beautiful. Were going to shave off a few degrees today. Im sure folks inland will be grateful for that. But you can see why, we have turned on their natural air conditioner here as we would like to call it fog and the marine layer and the marine influence. It has moved into the bay as you can see it with a live look over San Francisco. Temperatures starting out hovering around the 60degree mark. Similar to where we were this time yesterday. But after the patchy clouds that will start their modest cooling today, not significant. Still going to be hot inland. We will shave off a few degrees as we start to feel a bit more of that marine influence. Temperatures topping out in the upper 90s, maybe ant jobbing, antioch. Your full forecast in a bit. Thank you, julie. Here are your top stories, this morning a man hunt is unde
Hampshire. Kentucky senator rand paul announced that hes leaving the race. The firstterm senator pulled in 4. 5 from mondays Iowa Caucuses, good for 5th place in the large republican field. His campaign was a bit different than the others in the republican field, focused heavily on privacy concerns of americans. Rand paul was in the low doubledigits for National Polling until april of last year. Yet since october, paul had not even reached 5 in any Major National poll of republicans. This morning senator paul released a statement on his campaign saying its been an incredible honor to run a principled campaign for the white house. Today, i will end where i began, ready and willing to fight for the cause of liberty. Pauls exit from the 2016 chase comes as two others ended their campaigns after mondays Iowa Caucuses. Former Arkansas Governor Mike Huckabee left the republican nomination race after capturing 1 of the vote 8 years after he won iowa. On the democratic omalley left the race af