Zuckerberg’s testimony left lawmakers just as concerned about libra as they were beforehand – CNBC
“I’m not sure that we learned too much more new, except now that they’re calling the association an independent association,” said Rep. Sylvia Garcia, D-Tex., in an interview following the hearing.
Garcia had been one of the lawmakers calling for Zuckerberg’s testimony on libra. Although she was “disappointed” with his answers, Garcia said she still believes Zuckerberg was the right person to call in because “Facebook is Mark Zuckerberg and Mark Zuckerberg is Libra.”
Garcia said she’s skeptical of the idea that the entities are separate.
“I don’t think it’s going to be that independent if Facebook has such control and it’s their platform,” she said.
Throughout the hearing, committee members urged Facebook to pause its plans while lawmakers come up with new rules for regulators, or to simply move the Libra Association from Switzerland to the U.S.
Waters said she can’t support the plan at all.
“I asked for a moratorium on libra. And what he committed to is they will not launch it until there is a regulatory oversight agency that is responsible for it,” Waters said after the hearing, adding that she’s “not so sure” that’s the same thing.
She said she doesn’t understand what libra is trying to accomplish and that it hasn’t been “adequately explained.”
“To simply say that you’re organizing Libra because you’re concerned about the unbanked and it’s going to have payments systems does not answer the questions for me,” Waters said.