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.

How does the Federal Reserve view responsible innovation in the financial services industry?

What are the serious concerns raised regarding Libra?

What steps is the Federal Reserve taking to address the concerns related to Libra?

What is the significance of the working group mentioned in relation to Libra?

What role does the Treasury Secretary play in the discussions about Libra?