Facebook’s Libra to a “be topic at next week’s G7 ministers meeting,” FED’s Jerome Powell

The chairman of the Federal Reserve Bank Jerome Powell in the second day of his semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee, says the regulator does offer support for “responsible private sector financial innovation.”

Powell still maintained his remarks yesterday that Libra raises a lot of concerns that must be addressed. He added that he was in touch with other central banks around the world concerning the scope of Libra.

According to Powell, no single agency at the moment has oversight on matters relating to Libra and that the FED has no authority to regulate Facebook and Libra. However, the main issue at the moment is privacy and financial data.

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Due to Libra’s potential to scale, it makes it systematically essential and therefore it should be accorded the “highest level of prudential regulation.” He continued to say that the norm is not negatively reactive to regulation “but this presents serious concerns.” In addition to that Powell said that “Libra will be a topic at the next week’s G7 ministers meeting.