[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
[indistinct conversations] good afternoon, everyone. Thank you for coming. My name is ben harris, and as of this very morning, i am the Vice President and director for economic studies of the Brookings Institution. It is a true privilege and honor to have the opportunity to again be joined at this famed institution. There are many reasons why i found a return to brookings appealing, but a major motivation is events like the ones we are hosting today. Fdic chair marty gruenberg, who will be introduced by aaron klein and moments, was one of the key officials to help mitigate the fallouts if the Silicon Valley bank and Signature Bank failures early this year. We are very lucky to happen with us today. I suspect that this afternoons event must feel like a bit of a victory lap to the fdic chair given in 2019 he sadness very real and ward in great detail about the risk of failure by a large Regional Bank. His remarks, which are required reading for anyone trying to understand the issue, he w
A little easier to do yours. Sparklight supports cspan as a public service, along with these other Television Providers, giving you front row seat to democracy. Now the chairman of the federal deposit insurance corporation, Martin Gruenberg talks about the regulation of large regional Financial Institutions in the wake of the Silicon Valley and Signature Bank collapses. From the bookings Brookings Institution, this is just over an hour. [indistinct conversations] good afternoon, everyone. Thank you for coming. My name is ben harris, and as of this very morning, i am the Vice President and director for economic studies of the Brookings Institution. It is a true privilege and honor to have the opportunity to again be joined at this famed institution. There are many reasons why i found a return to brookings appealing, but a major motivation is events like the ones we are hosting today. Fdic chair marty gruenberg, who will be introduced by aaron klein and moments, was one of the key offici
Monday, september 18 at 9 00 p. M. Eastern, cspan now our free mobile a video app, or online at cspan. Org. Announcer now the chairman of the federal deposit incorporation talks about the regulation of large, regional financial is additions in the wake of the Silicon Valley and Signature Valley Bank collapses. From the boxing Brookings Institution, this is just over an hour. [indistinct conversations] good afternoon, everyone. Thank you for coming. My name is ben harris, and as of this very morning, i am the Vice President and director for economic studies of the Brookings Institution. It is a true privilege and honor to have the opportunity to again be joined at this famed institution. There are many reasons why i found a return to brookings appealing, but a major motivation is events like the ones we are hosting today. Fdic chair marty gruenberg, who will be introduced by aaron klein and moments, was one of the key officials to help mitigate the fallouts if the Silicon Valley bank an
Good afternoon, everyone. Thank you for coming. My name is ben harris, and as of this very morning, i am the Vice President and director for economic studies of the Brookings Institution. It is a true privilege and honor to have the opportunity to again be joined at this famed institution. There are many reasons why i found a return to brookings appealing, but a major motivation is events like the ones we are hosting today. Fdic chair marty gruenberg, who will be introduced by aaron klein and moments, was one of the key officials to help mitigate the fallouts if the Silicon Valley bank and Signature Bank failures early this year. We are very lucky to happen with us today. I suspect that this afternoons event must feel like a bit of a victory lap to the fdic chair given in 2019 he sadness very real and ward in great detail about the risk of failure by a large Regional Bank. His remarks, which are required reading for anyone trying to understand the issue, he warned of the risks posed by