Facebook’s Libra plan under Congress scrutiny

WASHINGTON, D.C.: Facebook’s ambitious plan to create a financial ecosystem based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from US President Donald Trump, his treasury secretary and the head of the Federal Reserve (Fed).

Congress begins two days of hearings on Tuesday (Wednesday in Manila) 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 power of Facebook, Google, Amazon and Apple.