Hello, everyone thanks for joining us this morning. Are we rolling . Hopefully. I havent seen them. Good morning everyone. On behalf of the virginia humanities which produces the festival of books, id like to welcome you all to the contemporary portrayals. We have a couple of quick notes to get through pertaining to this event, so first we want to thank the city of charles bell as a sponsor for this conversation and for hosting us. This program is being broadcast on the citys government Access Channel on tv ten and streamed live on the Facebook Page so if anyone is listening or watching at home and wants to see it on facebook is Charlottesville City Hall is the handle. Because this is a recorded event, during the q a portion of the event, please raise your hand and a volunteer will come to you and give you a microphone before you ask your question. So, a couple more logistical issues. Please silence your cell phone at this point in time. However, we encourage you to tweet about the eve
To get through pertaining to this event, so first we want to thank the city of charles bell as a sponsor for this conversation and for hosting us. This program is being broadcast on the citys government Access Channel on tv ten and streamed live on the Facebook Page so if anyone is listening or watching at home and wants to see it on facebook is Charlottesville City Hall is the handle. Because this is a recorded event, during the q a portion of the event, please raise your hand and a volunteer will come to you and give you a microphone before you ask your question. So, a couple more logistical issues. Please silence your cell phone at this point in time. However, we encourage you to tweet about the event using the hash tag vabook2018. So by all means, take the lessons youve received from the authors here and share them with people. You should have received program evaluations. Fill these out before you leave, please. They will be useful to help keep the festival free and open to the pu
[inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to ord order. [inaudible conversations] [inaudible conversations] [inaudible conversations] without objection the chair is authorized to declare recess of the committee at any time. This hearing is entitled an examination of facebook and its impact on the Financial Services and housing sectors. I now recognize myself for five minutes to give an Opening Statement. Today we are here to examine the act of facebook on the Financial Services and housing sectors. Our sole witnesses the facebook chairman and ceo, Mark Zuckerberg. Facebooks plan to create a Digital Currency, libra, and a digital wallet raised many concerns relating to privacy, trading risks, discrimination, opportunities for diverse owned financial firms, National Security, Monetary Policy and the stability of the Global Financial system i and other democrats have called for a moratorium on facebooks
Work here. There will be some work at the network level. The architecture of the system itself that supersedes all of the individual work the countries are doing to implement this. And then the members of the associations who are transacting using the Payment System will be responsible themselves for implementing and following those rules. Have a big effort to verify identities and authenticate them. We do this today if someone wants to run political ads or run a large page. I appreciate that but a , is goingth facebook to go in. Your major hack for millions of users that have gone through what assurances will actually be in place to make sure users with the most Sensitive Information in terms of finances, will be protected. Thanks. Erberg the Payment Information that people share is stored separately from other information in our services and all of our information is stored securely. This is especially secure. I do not think we have had an issue with this today. We do take payments f
[inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to order. The gentleman from colorado is recognized for five minutes. The other coloradan. Thank you for repeating today. Thanks for your testimony today. I just want to lock one thing down where i i heard to make answers from your earlier. Ms. Maloney was kind of going through a list of regulators, and wanted to know if you would wait for their approval, and she went to a whole laundry list of them and your answer was, for the parts that apply yes, yes,e going to go and seek their approval. Her used the word seek their approval. Other times you said we will get their approval. So just from facebooks standpoint, are you willing to seek the approval or are you going to wait for the approval before anything is launched . Congressman, it is the latter. Thank you for the opportunity to clarify that. We are not going to launch anything until we get the approval. I also, if its okay, want to