The Treasury secretary repeated his concerns about the social media giant's proposed cryptocurrency, one day before Mark Zuckerberg is expected to face tough questioning from House lawmakers.
The JPMorgan Chase CEO called Facebook's cryptocurrency project a "neat idea" but added his name to the list of industry leaders and policymakers skeptical about the plan.
As some of Facebook's partners pull out of the Libra cyrptocurrency project, Sen. Mike Rounds, R-S.D., encouraged a company located in his state to remain involved.
The banking industry will continue its fight against the credit-loss rule; the bank posted gains in consumer, wealth management and commercial lending.
With policymakers casting doubt on Facebook's cryptocurrency and some of the social media giant's partners pulling out, a Federal Reserve governor continued the drumbeat of criticism.
The social media giant's CEO will likely encounter pushback from members of the Financial Services Committee about the company's plans to launch its own cryptocurrency.
The payments company’s departure from the association leading Facebook’s Libra cryptocurrency plan is the clearest sign that skeptical policymakers are the plan's biggest obstacle.
