Facebook’s New Currency Plan Is Under Scrutiny in Congress

Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell have expressed concerns that Libra could be used for illicit activity.

  • Published 16 July 2019

WASHINGTON (AP) — Facebook's ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it's shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve. Congress begins two days of hearings on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee. Meanwhile, a House Judiciary subcommittee will extend its bipartisan investigation of the market… Read at AP News