Latest Maxine Waters News

Dems pan 'Zuck buck,' want Facebook to rein in currency plan

Jul. 17, 2019 5:06 PM EDT

WASHINGTON (AP) — Facebook endured a second day of criticism from Congress over its plan to create a digital currency as senior House Democrats asked Facebook to scale back the project and threatened legislation that would block big tech companies from getting into banking. Facebook's massive market power...

Facebook's currency plan gets hostile reception in Congress

Jul. 16, 2019 6:12 PM EDT

WASHINGTON (AP) — Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network's ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users' data. "We know we need to take the time to get this...

Treasury chief: Facebook currency plan ripe for illicit use

Jul. 15, 2019 6:24 PM EDT

WASHINGTON (AP) — The Trump administration came out strongly Monday against Facebook's ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin...

The Latest: Markets end up after Powell hints at rate cut

Jul. 10, 2019 7:23 PM EDT

WASHINGTON (AP) — The Latest on Federal Reserve Chairman Jerome Powell's presentation of the Fed's semi-annual monetary report to Congress. (all times local) 7:20 p.m. Testimony by Chairman Jerome Powell to a House Committee about the economic outlook led investors to send stock prices up, bond yields down...

Powell's message to Congress: Rate cut is likely coming soon

Jul. 10, 2019 4:13 PM EDT

WASHINGTON (AP) — Pointing to a weaker global economy, rising trade tensions and chronically low inflation, Chairman Jerome Powell signaled Wednesday that the Federal Reserve is likely to cut interest rates late this month for the first time in a decade. Delivering the central bank's semiannual report to...

Dem debates fuel race for support from Black Caucus members

Jul. 3, 2019 6:32 PM EDT

WASHINGTON (AP) — Kamala Harris called twice. In her first conversation with Rep. Bobby Rush, a veteran member of the Congressional Black Caucus, Harris was explicit about what she wanted: his endorsement in the Democratic presidential primary. Rush demurred, not yet ready to pick a side in the most...

LA mayor backs proposed federal Ending Homelessness Act

Jul. 1, 2019 6:46 PM EDT

LOS ANGELES (AP) — Los Angeles Mayor Eric Garcetti and a group of other city leaders from around California and the nation are backing the proposed Ending Homelessness Act. The legislation sponsored by U.S. Rep. Maxine Waters would use more than $13 billion to the efforts of cities to deal with the...

Bank of England to mull access for likes of Facebook's Libra

Jun. 20, 2019 4:11 PM EDT

LONDON (AP) — The Bank of England is open to letting new payment services such as Facebook's upcoming Libra hold funds overnight with the central bank, something historically limited to commercial banks. In prepared remarks to bankers in London, the bank's governor, Mark Carney, said it "makes sense to...

Facebook's currency Libra faces financial, privacy pushback

Jun. 19, 2019 8:41 PM EDT

SAN FRANCISCO (AP) — Facebook is getting a taste of the regulatory pushback it will face as it creates a new digital currency with corporate partners. Just hours after the social media giant unveiled early plans for the Libra cryptocurrency, French Finance Minister Bruno Le Maire insisted that only...

The Latest: Lawmaker wants Facebook to suspend currency plan

Jun. 18, 2019 5:54 PM EDT

NEW YORK (AP) — The Latest on Facebook's new digital currency (all times local): 5:40 p.m. The head of the House Financial Services Committee wants Facebook to suspend plans for a new currency until Congress and regulators are able to study it more closely. In asking Facebook to put the Libra currency...