Facebook's new currency plan is under scrutiny in Congress
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Summary
Senate and House hearings went on the calendar, and the Democratic head of the House Financial Services Committee, which is holding Wednesday’s hearing, called on Facebook to suspend the plan until Congress and regulators could review it.Rep. Maxine Waters, D-Calif., said that Facebook, with some 2 billion users around the world, “is continuing its unchecked expansion and extending its reach into the lives of its users.” She called Libra “a new Swiss-based financial system” that potentially is too big to fail and could require a taxpayer bailout.David Marcus, the Facebook executive leading the project, says in his testimony prepared for Tuesday’s hearing by the Senate Banking Committee that Libra “is about developing a safe, secure and low-cost way for people to move money efficiently around the world.
As said here by MARCY GORDON