Fed to Probe Facebook's Libra as Powell Points to 'Serious Concerns'

The transcript discusses the Federal Reserve's concerns about Facebook's Libra currency, focusing on privacy, money laundering, consumer protection, and financial stability. It highlights a meeting with Facebook and the importance of responsible innovation. The Federal Reserve has established a working group to address these issues, coordinating with other agencies and central banks globally. The potential for regulatory oversight of Libra and Calibra is also considered, with the Treasury Secretary playing a key role in these discussions.

What are some of the serious concerns associated with Libra mentioned in the initial discussions?

• Global warming

• Privacy and financial stability

• Environmental impact

• Technological advancement

What approach does the Federal Reserve advocate for when addressing the concerns related to Libra?

• A quick implementation

• A patient and careful process

• Ignoring the concerns

• Immediate ban on Libra

Which organization is responsible for coordinating with other regulatory bodies regarding Libra?

• The European Central Bank

• The United Nations

• The Federal Reserve

• The World Bank

What is FSOC's potential role concerning Libra?

• Ignoring Libra's impact

• Investing in Libra

• Promoting Libra globally

• Designating Libra as a systemic financial market utility

Who chairs the FSOC, which is involved in the discussions about Libra?

• The Chairman of the Federal Reserve

• The Secretary of the Treasury

• The CEO of Facebook

• The President of the United States