Facebook’s new currency plan under scrutiny in Congress

WASHINGTON (AP) — Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers. It’s already being shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve.

Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee. Meanwhile, a House Judiciary subcommittee will be extending its bipartisan investigation of the market power of Facebook, Google, Amazon and Apple.

Trump tweeted last week that Libra “will have little standing or dependability.”

The Democratic head of the House Financial Services Committee, which is holding a hearing on Wednesday, has called on Facebook to suspend the plan until Congress and regulators can review it.

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