Maxine Waters

House Financial Services Committee Chair Maxine Waters, D-Calif., and a bipartisan congressional delegation met with Swiss government officials last week to discuss Facebook’s plans to launch and operate a digital currency.

With women and minorities holding less than 25% of top positions at the eight largest U.S. banks, House Financial Services Committee Chairwoman Maxine Waters and other Democrats called on banks to improve their recruiting efforts and invest in programs aimed at building pipelines of diverse talent.

Expanding exemptions for initial margin requirements on swaps transactions “would harm financial stability and U.S. taxpayers,” said the top Democrats on the House and Senate banking panels.

The deal cleared another key hurdle as Financial Services Committee members showed little interest in slowing the formation of Truist Financial.

Lawmakers from both parties strongly criticized Libra this week, but largely steered clear of proposals to stop it.

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation.

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.

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.