Waters Leads Bipartisan Delegation to Europe and Middle East
Washington, DC, August 25, 2019
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement regarding the delegation she is leading to Europe and the Middle East during the Congressional recess.
“Last month, the House Financial Services Committee held a hearing to examine Facebook’s proposed cryptocurrency, Libra, and its impact on consumers, investors, national security, and the American financial system. As I said then, that hearing was just the first step in our oversight and legislative process. Today, my colleagues and I are departing Switzerland after meeting with the government officials that Facebook claims would regulate the Swiss-headquartered Libra Association, which will issue and manage the Libra currency. Our discussions with representatives from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), and Swiss legislators were helpful in understanding the status, complexity, and magnitude of Facebook’s plans.
In July, Chairwoman Waters convened a full Committee hearing entitled, “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System.” David Marcus, Chief Executive Officer of Facebook’s Calibra, testified on the first panel at the hearing, followed by a panel of experts who shared their views on Facebook’s plans.