MAXINE WATERS

After a frenetic weekend, policymakers took the audacious step of guaranteeing all deposits of the failed Silicon Valley Bank.

After a frenetic weekend of round-the-clock briefings, U.S. policymakers took the audacious step of guaranteeing all the deposits of the failed Silicon Valley Bank — even those exceeding the Federal Deposit Insurance Corporation's $250,000 limit.

Wisconsin Democratic Rep. Gwen Moore paid her sister more than $100K in campaign cash during the 2022 elections, Federal Election Commission records show.

Rep. Marjorie Taylor Greene, R-Ga., sounded off after being attacked at a restaurant for her conservative political views, pointing to the environment created by Rep. Waters.

California Democratic Rep. Maxine Waters said, "I am not a socialist," Tuesday when pressed by Rep. Chip Roy, R-Texas, to disavow statements she made in 2008.

California Rep.-elect Maxine Waters appeared to get in a shouting match with Republicans on the House floor Thursday during the ninth round of voting to elect a speaker.

California Rep.-elect Maxine Waters appeared to get in a shouting match with Republicans on the House floor Thursday during the ninth round of voting to elect a speaker.

Patrick McHenry, the key Republican on the House Financial Services Committee, isn't as big an opponent of ESG as you might think.

Former FTX CEO tweeted that he's limited to what he can say and "won't be as helpful" as he would like to be.

House Financial Services Chair Maxine Waters tells members there are no current plans to subpoena FTX founder Sam Bankman-Fried for his testimony.

Lawmakers plan to investigate the failure of FTX, the large crypto exchange that collapsed last week and filed for bankruptcy protection, leaving investors and customers staring at losses that could total in the billions of dollars.

The company's implosion has led the Biden White House and two powerful committee chairs to publicly criticize FTX and call for tighter industry oversight.

Democratic Reps. Jim Clyburn of South Carolina and Maxine Waters of California have paid hundreds of thousands of dollars in campaign cash to their family members over the years.

The Los Angeles City Council is mired in uncertainty.

Credit bureau said fewer than 300,000 people were affected, while a lawsuit claims the true number could be in the millions.

After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress.

Leaders and representatives of five Oklahoma-based tribes have told a U.S. Senate committee they have followed treaties and court rulings regarding the citizenship of Freedmen and that the federal government should respect their sovereignty.

The digital tokens, whose value is typically pegged to the dollar, would see their issuers subjected to bank-like regulations under a bipartisan House plan.

Jerold Nadler and Carolyn Maloney are lobbying New York's wealthiest to back their campaigns as they face off in what could be an expensive primary.

Lawmakers erupted in cheers after Vice President Kamala Harris announced the confirmation of Ketanji Brown Jackson to the Supreme Court.

Moments before the Senate began Judge Ketanji Brown Jackson’s confirmation vote to become the first Black woman on the Supreme Court, the chamber filled with the swell of history.

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"We're proud of the work that we did on January 6 to make legitimate arguments about election integrity," GOP Rep. Matt Gaetz said.

Between ConstitutionDAO's token hitting a new high and 90% of bitcoin's supply being mined, here's 5 important things that happened in crypto this past week.

Cryptocurrency executives went to Capitol Hill Wednesday to say their fast-growing industry understands more regulation is likely coming, but they don’t want it to squelch the next wave of the internet or send it offshore to other countries.

U.S. Rep. Sean Casten receives endorsements from Democratic congressional colleagues in his primary race against Rep. Marie Newman.

In the past week, Republican Rep. Paul Gosar tweeted a video showing a character with his face killing a figure with Rep. Alexandria Ocasio-Cortez’s face.

A rare clash between the Biden administration and congressional Democrats may have created a blueprint for pressuring a White House that needs to walk a tightrope to satisfy all members of its party to pass its ambitious agenda.

The Centers for Disease Control and Prevention has issued a new moratorium on evictions that would last until Oct. 3.

After pressure from House Democrats and housing advocates, President Joe Biden announced Tuesday that the federal eviction ban will be extended.

The White House is pressing state and local governments to swiftly adopt policies to protect renters after an eviction moratorium expired over the weekend.

House Speaker Nancy Pelosi and House Democratic leaders are calling on the Biden administration to immediately extend the nation’s eviction moratorium.

House Democratic leaders called the extension a "moral imperative" to prevent Americans from being put out of their homes during a COVID-19 surge. Some 3.6 billion Americans are at risk of eviction.

Millions of Americans face being forced from their homes with the midnight Saturday expiration of a moratorium on evictions during the pandemic.

Since early 2020, banks across the U.S. have been banned from foreclosing on homes as part of the federal government’s efforts to assist families feeling economic pain caused by the pandemic.

A national eviction moratorium is set to expire after President Joe Biden and Congress failed to extend it.

Republicans are responding with hostility to new masking guidance from public health officials.

Democratic Rep. Cori Bush disputed the Fourth of July's message of independence on Sunday, saying the holiday only represents freedom "for white people."

President Joe Biden encouraged California Rep. Maxine Waters to run for Senate during a bill signing event at the White House, which produced a series of hot microphone moments for the president.

A survey after the insurrection in January found that 56% of Republicans agreed that force might be needed to save “the traditional American way of life."

A survey after the insurrection in January found that 56% of Republicans agreed that force might be needed to save "the traditional American way of life."

Waters wrote of her Republican challenger that he “has, once again, done what he does best — lose.” During the 2020 election cycle, longtime California Rep. Maxine Waters was challenged by Republican Joe Collins, who later accused her of libel and slander in a lawsuit that was dismissed by a judge last month. Judge Yolanda Orozco has ruled that Collins will have to pay more than $53,000 in Waters’ attorneys’ fees.

The chief executives of the nation’s largest banks have been back in front of Congress, facing questions ranging from bitcoin to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer.

The CEOs of the six biggest U.S. banks have appeared before Congress, eager to lay out their support for struggling consumers and small businesses.

As the U.S. faces a reckoning over its history of racism, some Native American tribal nations that once owned slaves also are grappling with their own mistreatment of Black people.

The S&P 500 surged 11% in President Biden's first 100 days, the best performance since Franklin D. Roosevelt started his first term in 1933.

Sen. Ron Johnson is in an uncomfortable class of his own.

The unique circumstances surrounding Derek Chauvin’s trial in George Floyd’s death could offer the former Minneapolis police officer some shot at winning a retrial on appeal, though most legal experts agree it's a long shot.

President Joe Biden says the conviction of former Minneapolis Police Officer Derek Chauvin in the killing of George Floyd “can be a giant step forward” for the nation in the fight against systemic racism.

When Rep. Maxine Waters urged people to “stay on the street” in the pursuit of justice for George Floyd, advocates for racial equity heard a leading Black voice in the nation's long march toward civil rights.

The congresswoman encouraged protesters in Minnesota to "get more confrontational."

Crowds nationwide are reacting with jubilation but also with deep awareness of the progress left to be made after a jury convicted former Minneapolis police Officer Derek Chauvin of murder in the killing of George Floyd.

A jury found former Minneapolis police officer Derek Chauvin guilty on all three charges stemming from the killing of George Floyd, an unarmed Black man.

Former Minneapolis police Officer Derek Chauvin has been convicted of murder and manslaughter in the death of George Floyd, the explosive case that triggered worldwide protests, violence and a furious reexamination of racism and policing in the U.S. The jury deliberated about 10 hours over two days in a city on edge against another outbreak of unrest.

The congresswoman encouraged protesters in Minnesota to "get more confrontational."

“We have no time to waste,” Biden said at the White House after the House passage early Saturday. That ships the bill to the Senate, where Democrats seem bent on resuscitating their minimum wage push and fights could erupt over state aid and other issues. Biden said weeks ago that he didn't expect the minimum wage increase to survive the Senate's rules. But those same Senate rules prohibit provisions with only an “incidental” impact on the federal budget because they are chiefly driven by other policy purposes. Republicans oppose the $15 minimum wage target as an expense that would hurt businesses and cost jobs.

(House Financial Services Committee via AP)WASHINGTON – The CEO of Robinhood defended the trading platform to Congress Thursday for its actions during the GameStop trading saga, while apologizing to customers for restricting their ability to trade at the height of the frenzy. AdTenev said Robinhood imposed the trading restrictions because regulators had increased capital requirements tenfold due to the spike in trading volume. Gill earned a handsome profit and a legion of online followers for making the case for GameStop shares on Reddit and YouTube long before the big price surge in January. Beyond Robinhood’s actions during the GameStop frenzy, lawmakers raised concern about its business model generally and possible downsides of its “democratization” of stock trading. The company offers commission-free trading, but critics say customers pay another, hidden price because Robinhood provides their data on buying and selling to Wall Street firms.

Robinhood announced earlier in the day that it had limited trade in GameStop and other stocks targeted by investors on the irreverent WallStreetBets Reddit forum, citing "recent volatility." "While retail trading in some cases, like on Robinhood, blocked the purchasing of GameStop, hedge funds were still allowed to trade the stock," Khanna said. Rep. Rashida Tlaib, D-Mich., a member of the Financial Services Committee, went further, calling Robinhood's move "beyond absurd" and demanding a hearing on "Robinhood's market manipulation." Rep. Maxine Waters, D-Calif., the chair of the Financial Services Committee, didn't return a request for comment. Charles Schwab said Thursday that its customers could still trade GameStop but noted that it limited certain kinds of transactions involving more risk.

Some leftists have used similar language, which Republicans have likened to advocating a new civil war. “At the time of the Civil War, this took the form of Southern white men angry at the idea that the federal government would interfere with their right to own Black slaves. “The favorite son of this city was murdered because of a civil war as he was president. She resigned after she was barraged by calls from Trump supporters, some of whom demanded a military coup to keep Trump in office “no matter what it takes." Silber, the Civil War historian, said she is worried the attack on the Capitol wasn't the last stand for enraged Trump supporters.

Whenever it starts, the impeachment trial will force a further reckoning for the Republican Party and the senators who largely stood by Trump throughout his presidency and allowed him to spread false attacks against the 2020 election. Senate Republican leader Mitch McConnell is open to considering impeachment, having told associates he is done with Trump, but he has not signaled how he would vote. At least four Republican senators have publicly expressed concerns about Trump’s actions, but others have signaled their preference to move on. Under Senate procedure, the trial is to start soon after the House delivers the article of impeachment. After Trump’s first impeachment, in 2019, she withheld the articles for some time to set the stage for the Senate action.

But only steps away, outside the chamber doors, there was the look of an armed encampment. The Capitol grounds were wrapped in fences, and scores of other law enforcement officers and troops kept a watchful eye. A replica of the dome that stands atop the Capitol, the Statue of Freedom, resides in the Capitol’s visitor center. The tensions were also apparent inside the House chamber. In the House chamber, there have been Capitol Police officers and civilian door monitors but no screening stations.

But only steps away, outside the chamber doors, there was the look of an armed encampment. The Capitol grounds were wrapped in fences, and scores of other law enforcement officers and troops kept a watchful eye. A replica of the dome that stands atop the Capitol, the Statue of Freedom, resides in the Capitol’s visitor center. The tensions were also apparent inside the House chamber. In the House chamber, there have been Capitol Police officers and civilian door monitors but no screening stations.

The revelations shed new light on why Capitol Police were so quickly overrun by rioters. One disturbing video shows a bloodied Metropolitan police officer screaming for help as he’s crushed by protesters inside the Capitol building. Still, they advised lawmakers to plan to use the underground tunnels that connect House office buildings to the Capitol. Benedict was at the bomb scene when Capitol Police captains there told him their officers were being overrun. When they began entering the Capitol complex at 2:40 p.m., the hallways were packed with rioters.

Trump supporters try to break through a police barrier, Wednesday, Jan. 6, 2021, at the Capitol in Washington. Minutes later, Pence was taken from the Senate chamber to a secret location and police announced the lockdown of the Capitol. Even before the mob reached sealed doors of the House chamber, Capitol Police pulled Pelosi away from the podium, she told “60 Minutes.”“I said, ‘No, I want to be here,’”she said. Back in the House chamber, a woman in the balcony was seen and heard screaming. When they breached the abandoned Senate chamber, they milled around, rummaged through papers, sat at desks and took videos and pictures.

Minutes later, Pence was taken from the Senate chamber to a secret location and police announced the lockdown of the Capitol. Even before the mob reached sealed doors of the House chamber, Capitol Police pulled Pelosi away from the podium, she told “60 Minutes.”“I said, ‘No, I want to be here,’”she said. Back in the House chamber, a woman in the balcony was seen and heard screaming. When they breached the abandoned Senate chamber, they milled around, rummaged through papers, sat at desks and took videos and pictures. These domestic terrorists were in the People’s House, desecrating the People’s House, destroying the People’s House.”___Associated Press writers Dustin Weaver in Washington and Michael Casey in Concord, New Hampshire, contributed to this report.

The revelations shed new light on why Capitol Police were so quickly overrun by rioters. One disturbing video shows a bloodied Metropolitan police officer screaming for help as he’s crushed by protesters inside the Capitol building. Still, they advised lawmakers to plan to use the underground tunnels that connect House office buildings to the Capitol. Benedict was at the bomb scene when Capitol Police captains there told him their officers were being overrun. When they began entering the Capitol complex at 2:40 p.m., the hallways were packed with rioters.

Officers at a U.S. Capitol perimeter fence tried to hold their line but failed as intruders overturned the barrier. Other law enforcement experts said front-line officers were simply let down by their commanders, who failed to properly prepare. Still, federal law enforcement had planned to keep the presence of heavily armed police or military to a minimum, sources said. He said more than 50 Capitol and D.C. police officers were injured, with several Capitol officers hospitalized with serious injuries. Law enforcement is continuing to search for suspects.

(Greg Nash/Pool via AP)WASHINGTON – Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urged Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic. In his most direct comments so far, Powell told the House Financial Services Committee on Wednesday that it's “very important” for Congress to provide economic support. Without more assistance, Powell said, people will lose their homes and small businesses will fail. “We are hearing from all over that small businesses are really under pressure," Powell told lawmakers. “There is no justifiable reason for taking these tools away,” Rep. Maxine Waters, chair of the House panel, told Mnuchin.

"They will look at ESG disclosures, like climate and risk disclosure -- how much carbon and greenhouse chemicals are you putting into the air?" More involvement in corporate governance, climate change, worker pay, worker treatment, diversity and health care. What does the SEC have to do with climate risk? To many observers the requirement to "disclose" risks around climate change masks a broader agenda: "What is the goal here? "The SEC has been aggressive in expanding the pool of private markets, making it easier to raise money," he said.

This Saturday, Sept. 12, 2020, still image taken from video released by the Los Angeles County Sheriff's Department, shows Los Angeles Sheriff Alex Villanueva taking questions at a late-night news conference about the condition of two Sheriff's deputies in Compton, Calif. (Los Angeles County Sheriff's Department via AP)LOS ANGELES – The Los Angeles County sheriff on Monday criticized elected officials, sports figures and civic leaders for “fanning the flames of hatred” as America grapples with racism and police brutality, saying they instead should emphasize trust in the criminal justice system. Hundreds marched to the Sheriff’s Department South LA station in Compton on Saturday to protest the fatal shootings of a Black man on Aug. 31 and a Black teenager in 2018. The NBA playoffs were delayed last month when Los Angeles Lakers star LeBron James and other stars supported the Milwaukee Bucks' decision not to play following Blake's shooting. She said the Sheriff's Department is out of control and called on state Attorney General Xavier Becerra to investigate “the pattern of abuses."

(AP Photo/Sait Serkan Gurbuz, File)LOS ANGELES Republican candidates eager for a turnaround in heavily Democratic California are spotlighting what they see as a dire threat to families and communities their own states policies. If Joe Biden says hes fighting for the soul of America, Republican candidates say they are fighting for the soul of California. Yet, in an election year that could produce a record Democratic turnout in California, Republican chances of gaining ground are uncertain at best. The California Republican Party was once a national powerhouse, and Orange County was a foundation block in the conservative revolution that sent the former California Gov. The numbers are witnessed at the ballot box: The GOP hasnt won a statewide election since 2006 and George H.W.

Hamilton will start in pole position for race on Sunday. A superhero died last night so that was really weighing heavy on me today," Hamilton said. I woke up today to the saddest news of Chadwick passing away, Hamilton said. Hamilton, the only black driver in F1, explained the impact both Chadwick and his film character had on him. Ferraris lack of form was such that Leclerc, who won last year from pole position, was happy to qualify in 13th.

Martin Luther King Jr.s I Have a Dream Speech, yet torn apart by the Black Lives Matter protests against the police shooting of another Black man, this time in Wisconsin. Friday's commemoration of the 1963 March on Washington comes as a new civil rights era is unfolding in real time in Kenosha, Wisconsin, after Sunday's shooting of Jacob Blake. REP. MAXINE WATERS, D-CALIF.Maxine Waters said she started focusing on police violence in 1979 after Los Angeles police shot a Black homemaker, Eula Love, during a confrontation over an unpaid gas bill. Now the highest-ranking Black American in Congress, Clyburn was speaking Friday at a satellite rally in Columbia, South Carolina. So theres a lot of work for Black Lives Matter to do," Clyburn told AP, and I hope to live long enough to help them get it done.

Lorinda Lacy, 45, stands outside her party store painted with a mural depicting Martin Luther King Jr. in the Watts neighborhood of Los Angeles, Tuesday, June 30, 2020. There was violence and looting in some places, including Los Angeles, but not in LAs Watts neighborhood, forever linked to an uprising that broke out in the segregated community 55 years ago and became known as the Watts riots. Black residents, people born here and those who work to make life better in Watts spoke to The Associated Press about the challenges they faced and those that remain. He said the legacy of the Watts riots is something he keeps in mind as he tries to make life better for residents. Were not the same California we were 55 years ago or the city of Los Angeles 55 years ago.

Separately, key members of Congress said they are investigating aviation contractors that took federal payroll aid and then laid off thousands of workers. Airlines and airline contractors who received cash from a $32 billion pool of federal payroll aid agreed not to lay off workers until Oct. 1. Airline labor unions are lobbying Congress for six more months of federal aid. Some contractors who received money laid off workers anyway, according to three Democrats in the U.S. House of Representatives. At Spirit, the pilots union said it was notified Wednesday that 806 pilots could be furloughed, or terminated with rehiring rights.

WASHINGTON After prodding from Democratic lawmakers, the Trump administration has agreed to give Congress but not the public complete data on the millions of small businesses that received loans from a $600 billion-plus coronavirus aid program. Their concession came with a warning to lawmakers not to divulge confidential loan information to the wider public. Last week, the Treasury Department and SBA relented to pressure from lawmakers and watchdogs and agreed to publicly disclose details on which businesses received loans under the program. Under the new agreement, the agencies will provide the complete data on loans of all sizes to the congressional oversight panels. Economists have said the small business loan program has helped, though its hard to know by how much.

(Brendan Smialowski/Pool via AP)WASHINGTON President Donald Trumps pick to be the top federal prosecutor in Manhattan won't say whether he would withdraw from overseeing matters related to Trump in his current job, as Securities and Exchange Commission chairman, or if confirmed as U.S. attorney. Under questioning from Democrats, Clayton pledged to be independent as U.S. attorney but would not commit to stepping aside from matters related to Trump or his associates. Clayton would not say whether he had talked to anyone at Trumps organization or in his family about the nomination. Under her questioning, Clayton declined to say whether he had approached Trump and Barr about the job or whether they had approached him. But those Democrats have already rejected the nomination and say Clayton should withdraw.

FILE - In this July 30, 2018 file photo, Minneapolis Police Union President Lt. Bob Kroll speaks during a news conference in Minneapolis. (Elizabeth Flores/Star Tribune via AP)TOP OF THE HOUR: Minneapolis union president says members scapegoated. Kroll said Tuesday on CBS This Morning he thinks union members are being scapegoated for incompetent department leadership. Police chief Medaria Arradondo said after Floyds death that hes pausing contract negotiations with the union to consider major changes. Anna Hedberg, another union director, says the union had been having great conversations with city leaders and Arradondo before Floyds death.

WASHINGTON (Reuters) - All payments on mortgages, credit cards, small-business loans and other consumer debt would be indefinitely suspended under a plan unveiled on Wednesday by a senior Democratic House lawmaker in response to the coronavirus outbreak. Waters plan is the latest in a series of proposals from members of Congress and the White House as policymakers are scrambling to contain the spread of the flu-like virus and the economic fallout accompanying widespread quarantines. Her plan would also bar negative credit reporting, debt collection and repossession of goods during the pandemic. As chairwoman of the banking panel, Waters has considerable sway over financial policy. But there are multiple policy plans emerging from lawmakers and the White House, making it unclear how much of her plan could gain traction.

Democratic Rep. Maxine Waters defended Mike Bloomberg's right to self-finance his presidential campaign Thursday on CNBC, suggesting the billionaire's own money was not much different from money raised by other candidates. "We live in a democracy, unless it's undermined by this president who doesn't know what he's doing," Waters said on "The Exchange." "The democracy, and the way it gives everybody an opportunity, is what we basically believe in." Waters, chairwoman of the House Financial Services Committee, said she did believe democratic processes can be "distorted when people have extraordinary amounts of money." But even if Bloomberg's campaign spending is far ahead of his rivals, the former New York mayor has not "violated any laws, any rules," Waters said.

Spencer Platt | Getty Images News | Getty Images2. Saul Loeb | AFP | Getty ImagesThe Democratic-controlled House needs just a simple majority vote to impeach Trump. On Thursday, a day after expected impeachment, the House is set to vote on a major rewrite of the 1994 North American Free Trade Agreement. The House Ways and Means Committee on Tuesday cleared the new United States-Mexico-Canada Agreement, a major Trump priority, to the full House. Here's what Wall Street expects if Trump were to be reelectedwall street sign with new york stock exchange blured flags as background Fischerrx6 | iStock | Getty Images

Sen. Kamala Harris and Rep. Maxine Waters introduced a bill Thursday to invest more than $100 billion in affordable housing. The measure, called the Housing is Infrastructure Act, aims to target issues such as limited affordable rental units and aging public housing. The California Democrats' legislation calls for a series of infrastructure investments to improve affordable housing options. Here are the key points of the bill, which would invest $107 billion total:It would put $70 billion toward the Public Housing Capital Fund to build and renovate public housing. It would allocate $6 billion for housing specifically for elderly people, people with disabilities, or Native Americans.

Democratic presidential candidate Pete Buttigieg told CBS News on Thursday that he believes Facebook's advertisement policy is "a mistake" and that the breakup of big technology companies is a "remedy that should be on the table." Congresswoman Maxine Waters, the Democratic committee chairwoman from California, told Zuckerberg, "The impact of this will be a massive voter suppression effort. Biden spokesperson TJ Ducklo said there is "no excuse for companies like Facebook to refuse to do the right thing." Buttigieg also told reporters on Thursday that the breakup of big tech companies like Facebook is a "remedy that should be on the table," along with fines. In a separate incident involving both Facebook and the Buttigieg campaign, Zuckerberg confirmed to CBS News that he and his wife recommended two of their colleagues to work on the candidate's presidential campaign.

Sen. Elizabeth Warren has "opened up the opportunity" for Congress to seriously think about breaking up Facebook, Democratic Rep. Maxine Waters told CNBC on Wednesday. Warren, a front-runner in the 2020 presidential race, has vowed to break up Google parent Alphabet, Facebook and Amazon if elected. Warren says companies such as Facebook have engaged in monopolistic or "anti-competitive" practices and the government has a responsibility to break them up. Waters, who is urging Facebook to halt its plans to launch its cryptocurrency, suggested at the hearing that the social media company has become too powerful and raised the possibility of breaking up the company. When asked on CNBC whether the committee would take regulatory action against Facebook and other tech companies, Waters said, "We have a lot of work to do."

(CNN) - Facebook CEO Mark Zuckerberg will testify before a House committee later this month as Congress scrutinizes the tech giant's plans for a digital currency. Rep. Maxine Waters, the California Democrat who chairs the House Financial Services Committee, said Zuckerberg will be the only witness at the October 23 hearing. Zuckerberg was grilled by Congress last year in the wake of the Cambridge Analytica data scandal. "Mark looks forward to testifying before the House Financial Services Committee and responding to lawmakers' questions," Facebook said in a statement. Waters has sharply criticized Facebook's plans for a digital currency, known as Libra, and called for Facebook to halt development of the project.

(CNN) - Congress is concerned about Facebook's Libra cryptocurrency, and one committee wants to question the folks in charge: Both Mark Zuckerberg and Sheryl Sandberg have been asked to testify before the House Financial Services Committee about Facebook's plans for Libra. Facebook has said Libra will be governed by an independent, third-party organization, the Libra Association, though many of that group's member companies have ties to Facebook. Facebook and the Libra Association have promised not to launch Libra until these regulatory concerns are addressed. Marcus is also among the few initial leaders of the Libra Association. That same month, privacy regulators from around the world including FTC Commissioner Rohit Chopra sent a letter to the Libra Association companies asking how Libra users' privacy will be protected.

Joshua Roberts | ReutersFacebook's crypto chief David Marcus faced skepticism Wednesday from lawmakers at a House Financial Services Committee hearing on the company's plans for the digital currency Libra. He asked Marcus if he considers Libra a security, commodity or an exchange-traded fund. GovernanceSome representatives asked Marcus about how the 27 organizations that make up Libra's governing body alongside Facebook were chosen. Rep. Anthony Gonzalez, R-O.H., also asked Marcus how many of the member groups Facebook recruited to the association. "And that would again have the effect of making the Libra currency worthless."

The US House Financial Services Committee has scheduled a hearing on Facebook's Libra for July 17, one day after a planned Senate banking committee hearing on the digital currency. But US regulators want to know what that will mean for the American financial system, as well as consumers and investors. Maxine Waters, the Democrat from California who chairs the House Financial Services Committee, released a statement one day after the Libra announcement asking Facebook to halt its development until regulators have a chance to "take action." Given recent user data and privacy scandals at Facebook, lawmakers have expressed concern about the company's ability to handle safely users' financial information. The House Financial Services Committee is also set to hold a hearing Tuesday afternoon on regulation of "the fintech revolution" both in the United States and abroad.

A bill that cleared the House on Wednesday includes an amendment that would upend securities regulators' plans to hold brokers to a new standard when giving advice to retail investors. Added to an appropriations bill that passed 224 to 196, the late addition would prohibit the Securities and Exchange Commission from implementing and enforcing a new regulation that calls for brokers to act in the best interest of their clients when making investment recommendations. The amendment was sponsored by Rep. Maxine Waters (D-Calif.), who chairs the House Financial Services Committee. It was one of dozens of amendments offered, and among those that were approved by the House.