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
The will be with the current state of the u. S. Economy. And discuss its regulatory activities. In the last policy report, the chairman provide additional clarity on the plants to normalize Monetary Policy. Including how the size of the Balance Sheet will be driven by Financial Institutions demand for reserves. Since then, they have provided Additional Information and to continue receiving feedback on the Monetary Policy strategy and communication. All of what i look for to hearing an update on. The u. S. Economy is still strong. According to the equal analysis. Unemployment rate remains low at 3. 7 percent. The u. S. Is in his longest expansion of Economic Growth since 1854. According to the National Bureau of economic research. In order to continue this positive economic trajectory, red letters must evaluate the regulatory and supervisory activities for opportunities to tailor regulations and to ensure broad access to a wide variety of Financial Products and services. With respect to
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
The will be with the current state of the u. S. Economy. And discuss its regulatory activities. In the last policy report, the chairman provide additional clarity on the plants to normalize Monetary Policy. Including how the size of the Balance Sheet will be driven by Financial Institutions demand for reserves. Since then, they have provided Additional Information and to continue receiving feedback on the Monetary Policy strategy and communication. All of what i look for to hearing an update on. The u. S. Economy is still strong. According to the equal analysis. Unemployment rate remains low at 3. 7 percent. The u. S. Is in his longest expansion of Economic Growth since 1854. According to the National Bureau of economic research. In order to continue this positive economic trajectory, red letters must evaluate the regulatory and supervisory activities for opportunities to tailor regulations and to ensure broad access to a wide variety of Financial Products and services. With respect to
To political lobbying and haranguing, whether it comes from this end of pennsylvania avenue or the other end. I think youve stuck to your guns so far, but i want you to keep sticking to your guns i would like to turn to some questions about facebook and its proposed cryptocurrency, libra im a supporter of innovation in the Financial Sector, and if done right, this notion of a cryptocurrency could really deliver, i think, real benefits to the for increased friction, more access to consumers. But somebody who spent a lot of time the last couple of years dealing with social media and facebook in particular, i think it would be safe to say, and frankly, for people on both sides of the aisle, that facebook has quodeveloped sometn of a trust deficit and that the kind of Silicon Valley mindset of move fast and break things maybe works when youre just thinking about it in a technology framework, but when were thinking about the kind of implications social media has had around consumer privacy,