Chairwoman Rep. Maxine Waters, D-Calif., left, and David Marcus, CEO of Facebook's Calibra digital wallet service, speak during a hearing break while Marcus appears before a House Financial Services Committee hearing on Facebook's proposed cryptocurrency on Capitol Hill in Washington, Wednesday, July 17, 2019. (AP Photo/Andrew Harnik)

House Democrats press Facebook to scale back currency plan

July 17, 2019 - 3:38 pm

WASHINGTON (AP) — Facebook is facing fresh criticism from Congress over its plan to create a digital currency , with House Democrats asking the company to scale down the project.

Members of the House Financial Services Committee say they can't trust Facebook. They cite the company's market power and record of scandals, fines and privacy breaches.

Here's what Democratic Rep. Vicente Gonzalez of Texas tells David Marcus, the Facebook executive leading the project: "I think you're pretty low on the trust spectrum right now, and understandably,"

Among their concerns is the risk that the new currency, to be called Libra, could be used for illicit activity.

Marcus, trying reassure lawmakers, says Facebook "will take the time to get this right."

Democrats are threatening legislation to stop technology companies from getting into banking.

AP Editorial Categories: