Federal Reserve Chairman Jerome Powell said Facebook's planned Libra digital currency raises 'many serious concerns'
He added that the Financial Stability Oversight Council — a group that includes top financial regulators across the government — convened a staff-level meeting on Facebook's plans last week.Fed officials met with Facebook about two months before Libra was announced, he said.
Powell's comments illustrate the growing concern in Washington about Facebook's sweeping plans to become a force in the financial system. The company will face questions about Libra in back-to-back House Financial Services and Senate Banking Committee hearings next week. By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time.
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