cloudyn.png
Friday February 21st, 2020 1:08AM
7:51PM ( 1 day ago ) Weather Alert

The Latest: Senators grill Facebook on Libra and trust

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — The Latest on congressional hearings on the reach of big tech (all times local):

12:05 p.m.

Senators are grilling Facebook on its plans to launch a new digital currency when it's still battling problems with privacy and other issues.

Arizona Republican Sen. Martha McSally says she doesn't trust Facebook because of repeated privacy violations and "repeated deceit."

Facebook executive David Marcus says the company wants to innovate on behalf of its users. He says if another country were to build a successful digital currency first, the system might be out of reach of U.S. regulations and sanctions.

But Hawaii Democratic Sen. Brian Schatz says the question isn't whether the U.S. should take the lead, but "why Facebook" before it fixes its other problems.

Schatz also questioned whether Facebook has any expertise in money laundering and other financial issues. Marcus responded that Facebook now does because it has hired experts.

Facebook is defending the planned currency, Libra, before a Senate Banking Committee panel Tuesday.

___

11:25 a.m.

A Facebook executive says digital transactions such as those with the company's upcoming Libra currency will be better than cash in guarding against criminal activities.

Facebook's David Marcus was responding to Sen. Catherine Cortez Masto, a Nevada Democrat who asked how the company will guard against money laundering and make sure terrorists don't use its currency to finance their activity.

Marcus says cash transactions are where most crime currently happens. He says "it will be better" if a lot of transactions move to digital. He says that people who use Libra through Facebook's upcoming Calibra wallet will have to upload a government ID for verification.

Masto says security pledges are one thing, but she wants to see the specifics.

Marcus is appearing before a Senate Banking Committee panel on Tuesday.

___

10:55 a.m.

A senior Democratic senator is asserting that "Facebook is dangerous" as a Senate panel opens a hearing on Facebook's plan for a new currency.

Sen. Sherrod Brown of Ohio, the senior Democrat on the Senate Banking Committee, sought assurances from Facebook executive David Marcus that the plan wouldn't jeopardize the privacy of its billions of users' data.

Marcus assured that Facebook "will take the time to get this right" and welcomes an extensive review by federal regulators.

Brown pressed Marcus on whether he and his team would accept their salary in the new currency, Libra. Marcus says that Libra is not meant to compete with bank accounts but finally says yes, "I would trust all my assets in Libra."

___

10:35 a.m.

U.S. senators from both parties are opening a hearing with tough questions and criticisms of Facebook's ambitious plan to create a financial eco-system based on a digital currency.

Ohio Sen. Sherrod Brown, the Senate Banking Committee's ranking Democrat, says it's hard to trust Facebook after a series of privacy scandals. He says it "takes a breathtaking amount of arrogance" to think it can run its own bank.

Committee Chairman Mike Crapo, an Idaho Republican, is questioning why Facebook wants to base the project in Switzerland.

David Marcus, the Facebook executive leading the project, says it's not an attempt to avoid oversight but that Switzerland is a recognized international finance center. Marcus says if the U.S. fails to act, then digital currencies could be controlled by others with dramatically different values.

___

10:25 a.m.

Google is reiterating it does not work with the Chinese military after President Donald Trump said on Twitter he would "take a look" at Google and its relationship to Chinese intelligence.

"As we have said before, we do not work with the Chinese military," said Google Spokeswoman Riva Sciuto in an emailed response for comment. "We are working with the U.S. government, including the Department of Defense, in many areas including cybersecurity, recruiting and healthcare."

The comments come as a House Judiciary subcommittee is holding a bipartisan investigation of the market power of Facebook, Google, Amazon and Apple.

___

8:45 a.m.

President Donald Trump is vowing to "take a look" at Google after a billionaire investor suggested it may have been infiltrated by Chinese intelligence

Before 5 a.m. Eastern, Trump in a tweet called Peter Thiel, "A great and brilliant guy who knows this subject better than anyone! The Trump Administration will take a look!"

A House Judiciary subcommittee is holding a bipartisan investigation of the market power of Facebook, Google, Amazon and Apple. Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee.

Over the weekend, Thiel said the FBI and the CIA should open an investigation into Google.

According to the Axios story, Theil said Google was "engaged in the seemingly treasonous decision to work with the Chinese military and not with the US military."

___

12:10 a.m.

Facebook's ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers. It's already being shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve.

Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee. Meanwhile, a House Judiciary subcommittee will be extending its bipartisan investigation of the market power of Facebook, Google, Amazon and Apple.

Trump tweeted last week that Libra "will have little standing or dependability."

The Democratic head of the House Financial Services Committee, which is holding a hearing on Wednesday, has called on Facebook to suspend the plan until Congress and regulators can review it.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Online Congress News, AP Business, AP Technology News
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Anxious immigrants wait to learn effect of new asylum policy
Dozens of immigrants are lining up at a Mexico border crossing, waiting to learn how the Trump administration's plans to end most asylum protections will affect them
12:30PM ( 3 minutes ago )
Feds missed 2nd deadline for Congress' tribal safety bills
U.S. officials missed a second deadline to provide input on legislation to curb violence against Native American women
12:25PM ( 8 minutes ago )
The Latest: Embattled GOP senator disagrees on Trump tweets
A Senate Republican who is likely to face a competitive reelection race next year says he disagrees with President Donald Trump's racist tweets that suggested four House women of color "go back" to where they came from
12:18PM ( 15 minutes ago )
Associated Press (AP)
Facing censure, Trump insists 'not a racist bone in my body'
Trump insists his tweets 'were NOT Racist' as 4 Democratic women of color slam him for 'bigoted remarks'
11:45AM ( 49 minutes ago )
The Latest: Pelosi says Dems take offense for 'our sisters'
House Speaker Nancy Pelosi says Democrats are offended by what President Donald Trump he has said "about our sisters." That's what the California Democrat has told colleagues at a closed-door meeting
11:43AM ( 51 minutes ago )
Trump abortion rule seen as blow against Planned Parenthood
Trump administration says family planning clinics that receive federal money are no longer allowed to refer women for abortions
11:31AM ( 1 hour ago )
AP Online Headlines - Washington
Facebook's new currency plan is under scrutiny in Congress
Facebook's ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers on the heels of criticism from Trump and the treasury secretary
9:32AM ( 3 hours ago )
4 Democratic women of color slam Trump for 'bigoted remarks'
4 Democratic congresswomen of color are renewing calls to impeach President Donald Trump after he said they should 'go back' to their 'crime-infested' countries even though they're US citizens
9:23AM ( 3 hours ago )
4 Democratic women slam Trump's 'xenophobic bigoted remarks'
House Democrats plan to vote on a measure that strongly condemns President Donald Trump's racist remarks aimed at four liberal congresswomen of color
8:53AM ( 3 hours ago )
AP Online Congress News
Cryptocurrencies, digital tax top the agenda for G-7 meeting
Finance officials from the Group of Seven rich democracies will wrestle with risks from new digital currencies and how to tax U.S. tech companies like Google and Amazon when they meet at a chateau outside Paris on Thursday
11:51AM ( 42 minutes ago )
Former Mitsubishi workers seek assets sale for forced labor
Colonial-era Korean laborers seek approval for the sale of assets of former Japanese employer
11:49AM ( 45 minutes ago )
US fears Iran seized UAE-based tanker in Strait of Hormuz
US fears Iran seized a UAE-based oil tanker in the Strait of Hormuz after it turned off tracker over two days ago
11:34AM ( 1 hour ago )
AP Business
Deals, protests during Amazon Prime Day
Amazon's Prime Day is coming with a wave of deals _ and protests
4:13AM ( 8 hours ago )
Facebook's new currency plan under scrutiny in Congress
Facebook's ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers on the heels of criticism from Trump and the treasury secretary
3:10AM ( 9 hours ago )
Telescope foes tie together, block road to Hawaii summit
Hundreds of demonstrators gathered at the base of Hawaii's tallest mountain to protest the construction of a giant telescope on land that some Native Hawaiians consider sacred
4:05PM ( 20 hours ago )
AP Technology News
The Latest: Embattled GOP senator disagrees on Trump tweets
A Senate Republican who is likely to face a competitive reelection race next year says he disagrees with President Donald Trump's racist tweets that suggested four House women of color "go back" to where they came from
12:18PM ( 16 minutes ago )
'Game of Thrones' earns a record-breaking 32 Emmy Award nods
'Game of Thrones' scores record-breaking 32 Emmy Award nominations, toppling drama series record set by 'NYPD Blue' in 1994
12:17PM ( 16 minutes ago )
Von der Leyen seeks to secure EU top job at parliament
The European Parliament has started voting whether to confirm Ursula von der Leyen as European Commission President
12:17PM ( 17 minutes ago )
Apollo 11 astronaut returns to launch pad 50 years later
Apollo 11 astronaut Michael Collins returns to launch pad 50 years later
12:16PM ( 17 minutes ago )
The Latest: EU parliament starts voting on von der Leyen
The European Parliament has started voting whether to confirm Ursula von der Leyen as European Commission president
12:14PM ( 20 minutes ago )