Members from states threatened by storms say their proposal is better for consumers than recent legislation passed by the House Financial Services Committee.
David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.”
Lawmakers circulated a bill just ahead of hearings on Facebook’s Libra cryptocurrency that would prohibit companies with over $25 billion in annual revenue from launching a digital financial asset.
Legislation backed by Democrats to reform the credit bureaus and allow consumers greater access to their information advanced without any Republican support.
The chamber passed a bill that would clarify how certain loans backed by the Department of Veterans Affairs are securitized, and legislation encouraging first-time homebuyers to participate in counseling programs.
The rush to hold hearings in both the House and the Senate reflects broad skepticism across the political spectrum about the social network's plan to develop an alternative payment system.
The speed and the bipartisan nature of the demand for an investigation into Facebook's Libra are telling, giving ammunition to those who warned the cryptocurrency space is underregulated and unsafe
