the site sense data to facebook information on the user's ip address browser settings and process history this process worked whether or not the customer had ever clicked the like button now europe is making both the 3rd party site and facebook responsible for protecting the users privacy the highest court had this to say about who has to act there and once the owner of a website in this case fashion id implements a social media plug in on their site they can be seen as responsible with regards to the safekeeping or transfer of any personal data. did. you see invent it. which means website operators are responsible for collecting and providing data while they are not responsible for social media platforms subsequent use of such data they have to give customers the chance to opt in to any possible distribution of their data. a cornerstone of the e.u. is freedom of movement the right to live and work anywhere in the bloc of course that doesn't guarantee you a decent job some laborers turn to illegal work even though the pay can be pretty pathetic. it's 5 30 in the morning in buffalo on the outskirts of rome. this is where day laborers wait for someone to offer th

visit one of those sites information about your computer is automatically sent to facebook even if you don't click like the easy j. will rule on whether the websites have joint responsibility with facebook for the collection of the data. quite a complex story for more let's go to a financial market correspondent hyundai i should post please explain the e c j looking into joint responsibility where embedded like buttons on the related user data are concerned what exactly is the issue here. well monica this is about those tiny widgets and plug ins that we usually see on websites and little do we know that even though clicking on them data is transferred to the widgets of the company that it is like it could be facebook it could be google now this case particular case is about a german online to tailor fashion id now on its website it has been so facebook you whether you like it when you want to share forward. further and the consumer group that brought the case says that this company was not informing the users about how data was being collected and transferred to facebook and also the fact that it shoul

now websites that include a facebook like button on their pages could soon have to seek permission from anyone who visits that holds a ruling from the e.u.'s highest court if you go to a site that includes the like button information about your visit is automatically sent to facebook even if you don't click on it the say c.j. has ruled that the web site itself is jointly responsible for the collection of that data and should seek the user's permission that the case was brought by a consumer group in germany. and we have rob watts from d.w. business to tell us more about this story hi rob so it's a 1000 more about this case what's about well i think is going to come as a surprise to people to find out that when they go to a web site that's got one of these like buttons on it automatically their information is sent to facebook so they don't even have to click on the button they don't even have to have a facebook account what happens is the ip address which is the number that specific to the person's computer goes to facebook the date and time that they visited facebook and the website tha

sized court has ruled the websites with a facebook like button must 1st seek permission from visitors the sites automatically send use adata to facebook even if you don't click on anything the european court of justice said gathering the information requires user consent. and the european commission is set to block canada brazil singapore argentina and australia from accessing parts of the e.u. financial market it says those countries no longer regulate credit agencies as rigorously as the e.u. does it's the 1st time such access rights are being withdrawn. and let's talk to one day about that a financial correspondent in frankfurt what's changed in these countries to incur the wrath of the e.u. . well ben as you rightly put these can raise do not hold the credit agencies to the same standard that the u.s. does and now this is according to a system which is called the equivalent system which is basically an agreement between these countries that allow financial companies from the 3rd come to work rather non evil financial companies to work in the operate in the e.u. and vice versa they

demetricator hides the ‘like‘ counters on twitter and facebook so you aren't giving out data or being made its own version of this too. that wasjen. so, how might algorithms change what you watch in the future on tv based on your personal data? well, to simulate this, we've taken dan simmons‘ report on tech in malawi and tailored it for a viewer who we know we know is interested in inventions and the environment but likes watching shorter reports. this could be the result. with an average income ofjust a few dollars a day, this part of the world is known as one of the poorest on the planet. what's less well—known is how quickly malawi's two main cities, the capital, lilongwe and the commercial centre here in blantyre are expanding — as are their horizons. and malawi has a lot more high—tech than you might going on. do you want to know more? well, how long have you got? researchers are developing artificial intelligence, creating smart homes, predicting health problems and making old computers work again — for the whole continent. in some ways, malawi's cities look and feel like many o

it also has to review any new products this is and facebook leaders like the. other executives will also have to personally set if either they are following the regulations otherwise they could risk criminal punishment now and so has been addressing facebook employees where else on his own website we know in the pastas been a bit of a steve on other platforms or in other places he was in congress last year this is what he had to say to facebook employees. privacy is more central than ever to our vision for the future and it we're going to change the way that we operate across the whole company from the leadership down in the ground up we're going to change how we build products and if we don't then we're going to be held accountable for it ok mark zuckerberg sounds convincing there but what are critics saying well is a lot of people that say facebook has got off pretty lightly with this because the fine was unprecedented in $5000000000.00 a sound like an awful lot of money it is still only less than 10 percent of what facebook made in $28.00 c. and the 2 democra

the white house says they unfairly target american companies like facebook apple google and amazon and as threatened punitive trade measures against paris. big technology companies like google amazon and facebook operating in france will soon be paying more tax france's senate has approved a 3 percent tax on tech companies doing business there the aim is to plug a taxation gap that allowed some internet heavyweights to avoid tax in countries where they make their profits and to book their income in low tax countries like ireland it's estimated the levy could net france $400000000.00 euros this year and 650000000 next year before the vote french finance minister blair spoke out against the growing power of big tech. start. we can all see the emergence of economic giants with monopolistic attributes who not only want to control the maximum amount of data and make money with this data but also to go further than that by in the absence of rules avoiding taxes and putting into place instruments that could tomorrow become a sovereign currency. keep would do mom pawn would reform didn't win t

facebook, i believe. and so they already have, you know, the communication apps like what's app. they got instagram they are killing it with those, they have basically taken those under the main umbrella over at facebook rather than having the people that ran them at the beginning, that grew them. now mark zuckerberg and sheryl sandberg or monetizing those and if they go after gaming with 2.5 billion people on these platforms that's another win for them >> two of the leading candidates for the democratic nomination and i know it's a long time from now, would like to rip instagram and what's app out of facebook and force a split. do you think that enters into the way people value this stock at any point or we're just going breeze right through that? >> i think and i bet you do too, josh, there would be a perception on wall street that maybe they unlock value. now that's not really the way i view it. >> it could be almost a good thing. >> it's not the way i view it. the longer they can keep these together, the more powerful they are and, thus, the more earnings power. on the other h

facebook like click safe. we deliver the data which generates information about us that circulate on the internet until the next update create yet another data set and so on. data mining endlessly. somewhere fairly lost at the bottom of the digital food chain there are people like robert mcdaniel. privacy what privacy. if august will influence this. is a comma and says it's now almost 6 months and you're still have a democrat up just in time voyager does. he compared to only a dozen squabble consul vs him to chanson isn't for hobby sponsors sponsors so you to him use and point just on top. of the bill is a better. find wisdom dob is still a guy making it is offense by just baby because one man's one exemption august own 2 indians us young folks out at number 5 events of stocks to it too and us and they may even get to the dean on t.v. a tough act to take on the gun in finding ya house before in just minutes because the initial dothan with him scoring meant that the viet often mention c.f.e. get for dealing com

network specifically catering to that interest but what an outage like this really kind of shows you is just the extreme power that facebook and companies like this have been able to gather in the last several years i mean do you know how many users facebook has i think it's i don't know ok it's 2.7000000002.7000000000 that's roughly half the population of the world and also you know that's more christians and there are there's more facebook users are christians in the world more than muslims more than jews it's an incredible amount of people it's half the people that exist on the planet right now who are using this service and so really if you look at it their reach is so extreme it's hard to really consider them a basic company and the more i mean you know a company just has a small regional maybe trans national type of influence facebook is a truly global company it's really reached the point where you have to consider them a utility i mean they are providing a service that so many people rely on so many interests usually and that if they were to disappear or turn off their servers or have an outage like this they could

researchers have worked out that even simple data leaks can give indications about your personality. 75 facebook likesout you. with 300 likes, as much as asking a partner about you. some of this data you might think is not too meaningful. people's intelligence, political views, religious views, sexuality, just because you like camping and a few other things. facebook, google and instagram do this, showing adverts tailored to our behaviour. this can be good if you're looking for a specific item, but also unnerving. people say online advertising is creepy, you are talking to a friend, then later on you see an advertisement for the same thing you are talking about. it mayjust be that you were talking to your friend but then the fact you are talking to someone else, they may search for something, then suddenly you are seeing an ad for something you are interested in. they infer you are friends and therefore probably have similar interests. if this creeps you out a bit, we'll look to see some of the tools online that remove your data trail. you might want to get rid of the cookies stored on your browser. t

. >> reporter: it is a story that would inspire 1000 instagram likes and facebook likes. running with the bulls is d d the tale. >> reporter: the running of the bulls in the festival is a centuries-old tradition. the san franciscan and public defender was itching to be part of it. >> i have to run. and i ran. >> reporter: he is in spain with his wife and daughter who were opposed to the idea but he ran anyway. >> the bulls came into my right and all of the bulls past. >> he thought he had done it. he pulled out his phone to documented until there was another bowl. >> there was a straggler. it was like a truck or a car just hit me in the side of the head. i put my head in my neck and i saewy neck was opened up. it went up instead of back. >> this is him getting dragged. this dr. says is by the slimmest of margins and the greatest of luck that he is alive especially considering the wound is very close to the carotid artery. >> when you think about the force of a running bowl and how big the horns are to puncture in that neck area, i am surprised it did not raise him up and

that is the example facebook likes to use, saying this actually impacts our products and makes them betteruse them. emily: how does facebook intend to do this quickly? kurt: it is not going to happen super quickly. as we have seen over the last six years that they have been unveiling this data, it is a slow-moving process. one thing they said that works really well in the interview process when they have a new position, there is a rule that they have to bring in underrepresented groups to interview for that position. it is their version of the rooney rule, requiring minority candidates to be brought in for nfl head coaching positions. facebook says that works. by bringing more people through the door to interview with these jobs, shocker, we are now diversifying and hiring lower of those people - - more of those people. if they knew the answer, we would not be talking about it right now. emily: facebook with the leadership of sheryl sandberg has tried to lean on these issues. she has been a leading voice in the world on these issues, but i have to point out this is good timing or is this g

idea of the idle whitman ions at some of that selfish gene an improvement on having facebook facebook likes also just become to be a season men fish see like a britney spears or get desperate housewives season from its plans of. homosex it out. desert in from it's all in the end up collided. likes the end even and special as the levant annoy him for months of fear just came undone by myself so i listed for 4 more sucked in almost 6 as on their money i'm. off to list them it until just the other even though most science of sports and to give a shyly since he does. emotional see my sponsor. and it does it i'm told but so going to test as it is a russian i'll die from it. but. we don't have the person of the past to keep in touch with millions of people on thousands of people social media does this a double a sort of how do we try to navigate and i think the stay in the piece a fully aware of this. i think ultimately they're going to be just one step ahead they're going to know exactly how to band or how to limit for example thousands of people attending a demonstration or less just cut off al

cambridge analytica, that was an event in which based on your facebook likes, based on 150 of your facebook likes, i could predict your political personality and do things with that. the reason in my opening statement this is about increasing asymmetry of power, without any of your data, i can predict increasing features about you using ai. there is a paper recently that with 80% accuracy i can predict your same big five personality traits that cambridge analytica got from you without any of your data. all i have to do is look at your mouse movements and click patterns. in other words, it's the end of the poker face, your behavior is your signature and we can know your political personality, based on clicks, can identify you're a homosexual before you knorr you're a homosexual, predict with 95% accuracy you're going to quit according to ibm, that your pregnant, microexpressions better than a human being can. microexpressions are your soft reactions to things that are not very visible but invisibly visible, computers can predict that. as you keep going you can start to deep fake things, gene

also on the show like it or leave it europe's top court rules against that ubiquitous facebook like.

when you're a freshman you got a book, called the facebook and had everyone's picture in it it's like facebook. my youngest got sick of facebook early on probably because i got on it but she went to instagram, which facebook made so you didn't know it was part of something that older people discovered i didn't think the ads worked until we had red hot chilly pepper merchandise after a click on something that wasn't an ad but a link does everyone else dream their ad is just a link? it seems only mark zuckerberg has the forethought to care about the user experience. how about chipotle the kids love the fresh organic salad. still do they are vegetarians my youngest returned early on after the food sickening incident she did takeout because she didn't want to be seen inside. nothing is perfect but they are picks they will do what if the picks themselves aren't any good? your kid likes a device that fits in your head and takes pictures or fits on a wrist and measures steps that's the cost of learning. it happens go pro and fitbit they have their whole life to make that money back you see t

with this is usability so in all likelihood at the launches that would be tied into things like what's out facebook messenger another platform like e-bay as well as credit card so the usability and they are not the adoption of uber as a cryptocurrency or as a matter of changing money moving value you much higher than decline well i think for governments and the reason that they're so concerned about that is there's obvious laundering in k.y. see concerns around that as as one of the officials mentioned before he's been one of the work done globally to combat terrorism financing and other enlisted money flows tax evasion etc so there is a big concern about how the platform is going to handle that because facebook was very short on the details on that side as well traditional payment processors and banks could be a little bit scared of what's happening here because it offers a completely separate channel from the traditional channels that we know for making payments around the world which would issue the traditional banking network so banks as well are concerned about where this is going. well one of

facebook. we likent means it's settled. when it comes to facebook, it's almost like the nuclear industry was in the '80s, pharmaceuticals were in the '90s, oil was in the 2000s, that's big tech right now. they're kind of public enemy number one. my fear is whether it's on privacy, whether it's all these other issues, that the government isn't over when it comes to regulating and micro managing facebook. cheryl: elizabeth warren coming out and saying she believes there's an economic crash coming and then she said here's what i'm going to do about it, i'm going to erase student debt. >> she's got a plan. cheryl: we're going to offer free tuition. with unemployment at record lows and she talked about manufacturing jobs, i'm not sure where she's getting her data from. >> her prediction of a recession or crash isn't so unusual. about half of all business economists see some sort of financial turmoil in 2020. we're just long in the tooth when it comes to economic expansions. warren's prescription is more gov

does it change facebook's future? act like bank, be a bank, that's what president trump wants facebook to do if it launches its new digital currency. why the president seems to have little love for libra. and how amazon plans to take on its new high-end echo speaker. we begin with that fresh facebook news. the ftc has approved a privacy settlement with the social media giant, fining facebook about $5 billion. this marks the most significant axiom yet against facebook over a series -- and send the company reeling from one crisis to another. i want to bring in kurt waggoner, who covers facebook for us. he joins us on the phone. in washington we have naomi, who covers corporate influence. we know about the amount of the fine, tell us more about any other additional details that will be coming along in the settlement? >> that is the key. facebook had said i believed it was in april they set aside $3 billion for this very purpose and the fine could be up to 5 billion. this was something the company was prepared to handle. they also

it doesn't sound like the sexiest thing in the world, however, what he's talking about — the likes of facebookg the tax regime in the uk getting more uncomfortable for them. this is a big issue for those negotiating the early stages of the us trade deal, on the us side. they are not happy about this. he wanted everyone to hold fire, to wait for the oecd, this big economic collaboration between countries, to work out a global approach to taxing these digital giants. if the uk decides to sort of press ahead and go it alone with that, the federation of british industry, big business lobbying group, are going to say, you're making this a lot less attractive at the time we are going to need throwing open our doors to sort of international commerce. this story is going to run and run and run. it is going to be big... and rather donald trump decides to take his bat and ball home in negotiations. we can watch that and say, anna told us why that was so that and say, anna told us why that was so important stories to get tucked away... with the context of an expert, it all becomes clear and far more sign

united states has launched an investigation into france's plan to tax technology giants like google and facebookes. more than 20 countries at the united nations human rights council have signed a letter condemning china's treatment of uighur muslims and other minorities, in its western region of xinjiang. the letter, signed by countries, including britain, france and germany, it expresses concern at mass detention, widespread surveillance and other restrictions. i'm joined now by the china director of the campaigning organisation human rights watch, sophie richardson. she's in washington dc. thank you very much for talking to us. thank you very much for talking to us. the background to this is there is not wholehearted support at the council? it has been a long road to get this far but the fact that 22 countries essentially reiterated some of the calls the human rights have called for is incredibly important. it is only the second time anything counselled's existence this has happened and it is an increase number. —— council. inaudible china has sought impunity at the council. realistically, how

again, like facebook or like tesla, there's something for everybody.ever, $48 on the trouf gh in the middle of december, basically traded up to 70. you are playing for the 50% replacement of that as well and it comes in at 60. if you can buy it at $60, the risk/reward sets up well. >> wynn resorts down by more than a percent perhaps on the back of this. >> the indictment on macau i think is not fair. i think macau has recovered. june ggr gross gaming revenues up almost 6% year over year. i think the trend is better. what i heard was that melco is outperforming them and they're a major local competitor you know, again, i don't know if there's substitution going on, but even just in terms of -- i don't think it is a macro trade. i think it is a bottom-up execution story. that's what i heard. >> if melco is beating lvs, could melco be beating wynn? >> sure. again, i don't want to read trade war into this. i think these have been trade war stocks though. let's be clear. >> yes. >> these were total proxy plays for the trade war. >> steve >> i would agree i

if facebook's plans come to fruition, the company and its partners will yield immense economic power and they could destabilize currency, currencies likeovernment. facebook's reposed interest into financial services is all the more troubling because it has already harmed vast numbers of people on a scale similar to wells fargo, demonstrating a pattern of failing to keep consumer data private on a scale similar to equifax. a 2011k remains under consent order from the federal trade commission for deceiving consumers and failing to keep consumer data private. in the wake of the cambridge analytical scandal in which facebook provided 50 million users data to a political consulting firm, the company will reportedly pay a record $5 billion fine to the ftc data privacy failures. in addition, facebook has allegedly stored user passwords dating back to 2012. paid unsuspecting t late -- teenagers to download spyware, experienced a hack of nearly 50 million accounts and experienced a software bug that granted third-party access to 6.8 million users photos. they have also been sued by hud and civil rights groups for violations of the fair housing

that. >> well, and here's -- as people continue to dig into the testimony, kara, marcus says facebook likelyrealize greater ad revenue after the libra launch, as users increasingly use them as a payment platform so is this a means to another end? or are payments so large that it will supplant social that's the big debate right now >> like a lot of other companies, they've had to find other things google has this amazing search business, but they moved into other businesses because there were worries about what would happen now amazon into search and search advertising, facebook's there. it's a typical thing to do, but just say it's a business move, which is fine, which is fine to do that. but, again, pretending that scrutiny is not important is just a fallacious argument it just is there should be scrutiny, especially around finance. there should have been scrutiny of social media and we see where that went. there should be scrutiny around health care, around ai, around robotics and that doesn't mean heavy regulation that means proper government scrutiny and we've gotten to a point where we'

if you think hard-working family should trust facebook's monopoly money, i would like to see how much you and your company trust it. you get a paycheck in dollars, i assume, you get good compensation in facebook stock. will you pledge today in this committee you and your team who are working on this project will accept 100% of your salary and other compensation in this facebook currency? >> senator, libra is not designed to compete with -- >> that is not the question. will you accept all compensation in this new currency that you want us to trust you so much? >> senator, libra is not meant to compete with bank accounts. we will, for instance, not pay interest. like digital cash -- >> that is avoiding the question. do you trust your currency so much you and your team are willing to see 100% of your compensation be paid to you in the currency? it could be if you decided it could. >> if your question is, whether i would trust my assets in libra, the answer is yes, i would. >> my question is, do you trust us enough to make your compensation paid fully in your currency? >> senator, i would

the us justice department, that there will be an investigation into leading online platforms — like facebooke and amazon — examining whether they are unfairly restricting competition. and finally it's the front of the japan times which has this picture of an inflatable artwork depicting a swimmer to mark the one year countdown to the opening ceremony of the tokyo olympics 2020. with me is mark davies, ceo at the strategy consultancy, camberton. obviously wall—to—wall coverage about the days events with boris johnson about to enter downing street. the picture is striking. it sums up the character of him, doesn't it? an untucked shirt, tie to one side and a bizarre salute. he is so dishevelled. it is comedic to look at him and to think he is prime minister... he looks more like billy bunted. he looks like a schoolboy going off on the first day of prep school. this is so boris all the way. this i am the dude piece is so boris as well. finding something that encapsulates what he is trying to achieve two, if you look at those four things and look at the detail beneath them and the likelihood that

that list is a complete list of people and groups facebook doesn't like. ones' info wars on that list, so was louis farrakhan, milo lapin we contacted facebook about this policy yesterday. they replied by telling us they have changed their policy and provided this statement to us. "we don't allow credible threats of violence against anyone. our intent was to cover things like calls for the death penalty or support for military action against violent actors area we have covered our standards to be more clear about that." thank you, facebook. we are happy about that. happy that facebook is tolerating violent threats towards dissidents. one thing is antifa. al qaeda and isis gets more, but antifa opposes your rights more than any in the country. learned andy ngo learned that the hard way when he tried to cover antifa protests last week. watch. >> [bleep]! [bleep]! >> usually it's the government that blocks the government now, a new legal fund aims to combat both of these threats to your liberties. harvey dillon is an actual civil rights attorney and the founde

according to documents seen and facebook, they use tools like storm chaser and the knights watch. watch. is curtus all about it wegner. what exactly is facebook doing here? >> there are a couple of different software programs you mentioned which allow facebook to scrape the service and find out if a meme that might be untrue is going viral. what we saw they used it for was to find when there was misinformation about facebook. you might have seen those copy and paste means were sent this to 10 friends or we will delete your account. that kind of thing facebook would track and would jump in and tell people this is not true. emily: the question here is was facebook giving the same attention to stories about the pope endorsing president trump or killings in myanmar? do we know? >> it certainly looks bad but there is a difference between -- facebook knows what is going on with its own companies than things in myanmar. so they've hired fact checking companies about and concerned these other stories. it certainly does show where its priorities lie. obviously wants to quash rumors about it

should be put in place against a company like facebook? restrict their ability to share with third parties, to share data with third parties. that is what i would personally like to see. so how do you do that? you put in place legislation, ideally, from what i have heard, the fdc are not going to be restricting facebook‘s ability to share data with third parties, which worries me a little bit. it's difficult to see how facebook will accept regulations given the possibility that it might hurt their profit model. is it really possible... exactly. .. to change that? facebook's product is the ability to personalise advertising. so the customer is actually advertisers. and if you think in terms of where they are making money, you can't really legislate to stop them sharing that data without impacting their bottom line. so, presumably at some point, facebook might have to change its entire structure as a company. so on the money, presumably, if that $5 billion is paid, it goes to the us government. but should some of the people who were affected

the justice department didn't name any companies, but facebook, google, amazon and apple are likely toanging probe. it marks the latest scrutiny of the tech giants' power over the american economy. the company behind social media app snapchat says it added 13 million daily active users in the last quarter. snap inc beat analysts' estimates as it got a boost from a better version of its android app and the launch of new augmented reality photo lenses. shares of snapjumped 9% in after hours trading. we have many companies reporting their earnings this week and ford is one of them. ford will announce its latest earnings later, after showing a strong first—quarter on growing demand for its pickup trucks and suvs. ahead of that the carmaking giant has revealed details about its plans to develop an all—electric version of america's best selling vehicle — the f150 pickup. bbc business correspondent michelle fleury has more. ten double—decker train cars weighing over1 ten double—decker train cars weighing over 1 million ten double—decker train cars weighing over1 million pounds. being towed by

you've got names like facebook, amazon, alphabet and twitter all set to report this week and snap after the bell tonight where is the value in tech, as we work through this busiest week of earnings season? janice henderson's denny fish is with us today. denny, welcome good to see you. >> thank you for having me appreciate it. >> we've got about a hundred s&p names on the tape so far for the quarter and in tech, at least, if you strip out netflix, what has there been to complain about, really? >> there really hasn't so far. you know, the numbers, particularly if you're focused on companies with long duration competitive advantage and you would highlight over the last couple of weeks, we've seen microsoft, for example, put up exceptional numbers, as the cloud transition continues and azure continues to ramp and you know, it's just amazing, if we think about the numbers there of -- their commercial cloud business, which is effectively the size of amazon web services. it's a different kpocomposition, mix of business. but both of those businesses are growing 40% at $40 billion annualized it'

with this is usability so in all likelihood at the launches it would be tied into things like what's out facebook messenger or another platform like e-bay as well as credit card so the usability and they are not the adoption of mira as a cryptocurrency or as in math that are changing money and moving value the much higher than the coin. how is it linked to national currencies can you explain that simply to viewers and explain how that differs from others by bitcoin. well that's one of the big differences and that's one of the challenges when we look at cowen and financial inclusion is the volatility of the value of quine makes it very difficult for people to hold it for any period of time if you're recording today's were 30000 and tomorrow it's worth 9000 doesn't do much good if that represents you know an entire year's salary libor is based on the concept of being paid to a basket of currencies much like a sovereign like a china egg renminbi to a basket current so essentially digitized origin of that and we'll have reserves in the back end to to ensure that that stays as close as possible so tha

the last thing is banks -- people are saying regulate facebook like a bank perhaps. well one of the questions i think is worthwhile considering is would facebook even be eligible for a banking license? a de novo review would require an investigation of say facebook's earlier violations. >> i think because the united states essentially with its own sovereign debt and with its bank deposits that might be used backstopping the currency probably will be the country that will have to backstop any uncertainties or run on the libra even if it emanates from elsewhere in the world. >> thank you. >> yield back. >> the gentleman from arkansas is recognized for five minutes. >> thank you, madame chair. thank you for this panel. hope you have found the day is interesting as we have. mr. weissman, thanks for your watchdog work on behalf of americans. you know, one thing listening almost to all the questions on and off today, there's a burden hanging over the room which is that it's facebook in here testifying, so a question to you, if this were general electric and they were propos

chris nguyen explains how it could impact facebook users like you. >> facebook is back in the spotlightto launch a new cryptocurrency called libra and some are already skeptical. >> it doesn't do it for me because it's not just not real. >> the company goal is to offer an alternative financial system to make it possible to send money around the world with little to no fees. facebook has already run into pushback from lawmakers on capitol hill. here's an exchange between a senator and company executiving. > if your question is whether i would trust all of my assets in libra, the answer is yes, i would because it is -- >> my question was. >> and my pay. >> do you trust this enough to make your compensation paid fully in your currency? >> senator, i would because it is backed one for one with a reserve. >> cyber security experts are glad the government is take a closer look at libra. >> not be abused by for example, the money laundering or you know, human tracking or the terrorism. using this kind of technology. that's the main concern for the government. >> libra would enable more transac