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Fed Chair Says Facebook Needs to Satisfy Regulatory Concerns Regarding Libra

Published 07/10/2019, 03:38 PM
Updated 07/10/2019, 04:01 PM
© Reuters.  Fed Chair Says Facebook Needs to Satisfy Regulatory Concerns Regarding Libra
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Federal Reserve Chair Jerome Powell said there needs to be broad satisfaction with the way Facebook (NASDAQ:FB) is handling regulatory concerns regarding its forthcoming stablecoin Libra. Powell gave his comments in a hearing before the House Financial Services Committee on July 10.

Rep. Steve Stivers asked Powell during the meeting, “if Facebook can’t sufficiently answer your questions about anti-money laundering, Know Your Customer, what would your message be to the banks that provide banking to Facebook, and what would your advice to Facebook be?” Powell replied:

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