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WASHINGTON – Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee; Congresswoman Carolyn Maloney (D-NY), Chair of the Investor Protection, Entrepreneurship and Capital Markets Subcommittee; Congressman William Lacy Clay (D-MO), Chairman of the Housing, Community Development and Insurance Subcommittee; Congressman Al Green (D-TX), Chairman of the Oversight and Investigations Subcommittee; and Congressman Stephen F. Lynch (D-MA), Chairman of the Task Force on Financial Technology, wrote a letter to Mark Zuckerberg, Founder, Chairman and Chief Executive Officer of Facebook; Sheryl Sandberg, Chief Operating Officer of Facebook; and David Marcus, Chief Executive Officer of Calibra, requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency and digital wallet.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the lawmakers wrote.“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.”

This letter comes on the heels of Chairwoman Waters’ initial request for Facebook to agree to a moratorium in June.

The Chairwoman has also announced plans to convene a full Committee hearing entitled, “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” on Wednesday, July 17.

See full text of the letter below.

July 2, 2019

Mark Zuckerberg
Founder, Chairman and Chief Executive Officer
Facebook
1 Hacker Way
Menlo Park, CA 94025

Sheryl Sandberg
Chief Operating Officer
Facebook
1 Hacker Way
Menlo Park, CA 94025

David Marcus
Chief Executive Officer
Calibra
Facebook
1 Hacker Way
Menlo Park, CA 94025

Dear Mr. Zuckerberg, Ms. Sandberg, and Mr. Marcus:

We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra—its proposed cryptocurrency and Calibra—its proposed digital wallet. It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.

On June 18, 2019, Facebook announced its plans to develop a new cryptocurrency, called Libra, and a digital wallet to store this cryptocurrency, known as Calibra. To assist it in this venture, Facebook has enlisted 27 other companies and organizations to form the Libra Association, which is based out of Switzerland. [1] These companies span the financial services and retail industry and include payment systems, like Mastercard, Paypal, and Visa, and technology giants, like Uber, Lyft, and Spotify. By the target launch date of early 2020, Facebook hopes to have recruited over 100 firms into the Libra Association.

While Facebook has published a “white paper” on these projects, the scant information provided about the intent, roles, potential use, and security of the Libra and Calibra exposes the massive scale of the risks and the lack of clear regulatory protections. If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability. These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past. Indeed, regulators around the globe have already expressed similar concerns, illustrating the need for robust oversight.[2]

Investors and consumers transacting in Libra may be exposed to serious privacy and national security concerns, cyber security risks, and trading risks. Those using Facebook’s digital wallet – storing potentially trillions of dollars without depository insurance– also may become unique targets for hackers. For example, during the first three quarters of 2018, hackers stole nearly $1 billion from cryptocurrency exchanges.[3]The system could also provide an under-regulated platform for illicit activity and money laundering.

These risks are even more glaring in light of Facebook’s troubled past, where it did not always keep its users’ information safe. For example, Cambridge Analytica, a political consulting firm hired by the 2016 Trump campaign, had access to more than 50 million Facebook users’ private data which it used to influence voting behavior.[4] As a result, Facebook expects to pay fines up to $5 billion to the Federal Trade Commission (FTC), and remains under a consent order from FTC for deceiving consumers and failing to keep consumer data private. In the first quarter of 2019 alone, Facebook has also removed more than 2.2 billion fake accounts, including those displaying terrorist propaganda and hate speech.[5]It has also recently been sued by both civil rights groups[6] as well as the U.S. Department of Housing and Urban Development for violating fair housing laws on its advertising platform and through its ad delivery algorithms.[7]

Because Facebook is already in the hands of a over quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.

Sincerely,

Rep. Maxine Waters, Chairwoman

Rep. Carolyn Maloney, Chair – Subcommittee on Investor Protection, Entrepreneurship and Capital Markets

Rep. Wm. Lacy Clay, Chair – Subcommittee on Housing, Community Development and Insurance

Rep. Al Green, Chair – Subcommittee on Oversight and Investigations

Rep. Stephen F. Lynch, Chair – Task Force on Financial Technology

[1] The 27 other members of the Libra Association are Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva, Mercy Corps, and Women’s World Banking

[2] See, e.g. The Honorable Randal K. Quarles, Vice Chairman of Supervision for the Board of Governors of the Federal Reserve System and Chair of the Financial Stability Board, Financial Stability Board Chair’s letter to G-20 Leaders meeting in Osaka, June 25, 2019, https://www.fsb.org/2019/06/fsb-chairs-letter-to-g20-leaders-meeting-in-osaka/. (“A wider use of new types of crypto-assets for retail payment purposes would warrant close scrutiny by authorities to ensure that that they are subject to high standards of regulation.”); Bank of International Settlements Annual Economic Report, Big tech in finance: opportunities and risks, June 23, 2019, https://www.bis.org/publ/arpdf/ar2019e3.htm. (“Big techs have the potential to become dominant through the advantages afforded by the data-network activities loop, raising competition and data privacy issues. Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy and data privacy regulation… As the operations of big techs straddle regulatory perimeters and geographical borders, coordination among authorities – national and international – is crucial.”)

[3] CipherTrace Cryptocurrency Intelligence, Cryptocurrency Anti-Money Laundering Report, 2018 Q3 https://ciphertrace.com/wp-content/uploads/2018/10/crypto_aml_report_2018q3.pdf

[4] Kevin Granville, Facebook and Cambridge Analytica: What You Need to Know as Fallout Widens, (March 19, 2018).

[5] Facebook, Community Standards Enforcement Report (2019 Q1).

[6] Complaint, Nat’l Fair Housing Alliance et al. v. Facebook, Inc., No. 18-cv-02689 (S.D.N.Y Mar. 27, 2018), https://nationalfairhousing.org/wp-content/uploads/2018/03/NFHA-v.-Facebook.-Complaint-w-Exhibits-March-27-Final-pdf.pdf.

[7] Charge of Discrimination, U.S. Dep’t of Housing & Urban Development v. Facebook, Inc., FHEO No. 01-18-0323-8 (March 28, 2019), https://www.hud.gov/sites/dfiles/Main/documents/HUD_v_Facebook.pdf.

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Fighting an Unjust System, The Bail Project Helps People Get Out of Jail and Reunites Families

In addition to posting bail at no cost to the person or their family, The Bail Project works to connect its clients to social services and community resources based on an individual’s identified needs, including substance use treatment, mental health support, stable housing and employment.

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Adrienne Johnson, the regional director for The Bail Project, told NNPA’s Let It Be Known that the organization seeks to accomplish its mission one person at a time.
Adrienne Johnson, the regional director for The Bail Project, told NNPA’s Let It Be Known that the organization seeks to accomplish its mission one person at a time.

Hundreds of thousands of individuals locked up in jails almost daily — many find it challenging to pay bail

By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

As public support for criminal justice reform continues to build — and as the pandemic raises the stakes higher — advocates remain adamant that it’s more important than ever that the facts are straight, and everyone understands the bigger picture.

“The U.S. doesn’t have one ‘criminal justice system;’ instead, we have thousands of federal, state, local, and tribal systems,” Wendy Sawyer and Peter Wagner found in a study released by the nonprofit Prison Policy Initiative.

Together, these systems hold almost 2 million people in 1,566 state prisons, 102 federal prisons, 2,850 local jails, 1,510 juvenile correctional facilities, 186 immigration detention facilities, and 82 Indian country jails, as well as in military prisons, civil commitment centers, state psychiatric hospitals, and prisons in the U.S. territories,” the study authors said in a press release.

With hundreds of thousands of individuals locked up in jails almost daily, many find it challenging to pay bail.

Recognizing America’s ongoing mass incarceration problem and the difficulties families have in bailing out their loved ones, a new organization began in 2018 to offer some relief.

The Bail Project, a nationwide charitable fund for pretrial defendants, started with a vision of combating mass incarceration by disrupting the money bail system.

Adrienne Johnson, the regional director for The Bail Project, told NNPA’s Let It Be Known that the organization seeks to accomplish its mission one person at a time.

“We have a mission of doing exactly what we hope our criminal system would do: protect the presumption of innocence, reunite families, and challenge a system that we know can criminalize poverty,” Johnson stated.

“Our mission is to end cash bail and create a more just, equitable, and humane pretrial system,” she insisted.

Johnson said The Bronx Freedom Fund, at the time a new revolving bail fund that launched in New York, planted the seed for The Bail Project more than a decade ago.

“Because bail is returned at the end of a case, we can build a sustainable revolving fund where philanthropic dollars can be used several times per year, maximizing the impact of every contribution,” Johnson stated.

In addition to posting bail at no cost to the person or their family, The Bail Project works to connect its clients to social services and community resources based on an individual’s identified needs, including substance use treatment, mental health support, stable housing and employment.

Johnson noted that officials created cash bail to incentivize people to return to court.

Instead, she said, judges routinely set cash bail well beyond most people’s ability to afford it, resulting in thousands of legally innocent people incarcerated while they await court dates.

According to The Bail Project, Black Americans are disproportionately impacted by cash bail, and of all Black Americans in jail in the U.S., nearly half are from southern prisons.

“There is no way to do the work of advancing pretrial reform without addressing the harmful effects of cash bail in the South,” said Robin Steinberg, Founder, and CEO of The Bail Project.

“Cash bail fuels racial and economic disparities in our legal system, and we look forward to supporting the community in Greenville as we work to eliminate cash bail and put ourselves out of business.”

Since its launch, The Bail Project has stationed teams in more than 25 cities, posting bail for more than 18,000 people nationwide.

Johnson said the organization uses its national revolving bail fund, powered by individual donations, to pay bail.

The Bail Project has spent over $47 million on bail.

“When we post bail for a person, we post the full cash amount at court,” Johnson stated.

“Upon resolution of the case, the money returns to whoever posted. So, if I posted $5,000 to bail someone out, we then help the person get back to court and resolve the case,” she continued.

“The money then comes back to us, and we can use that money to help someone else. So, we recycle that.”

Johnson said eliminating cash bail and the need for bail funds remains the goal.

“It’s the just thing to do. It restores the presumption of innocence, and it restores families,” Johnson asserted.

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PRESS ROOM: EPA Administrator Regan to Join Leaders of Civil Rights, Environmental Justice Movement for Significant Announcement in Warren County, North Carolina

NNPA NEWSWIRE — U.S. Environmental Protection Agency (EPA) Administrator Michael S. Regan will be joined by significant figures from the civil rights and environmental justice movements, including Dr. Benjamin F. Chavis Jr., president and CEO of the National Newspaper Publishers Association and other participants from the original Warren County protests for the event.
The post PRESS ROOM: EPA Administrator Regan to Join Leaders of Civil Rights, Environmental Justice Movement for Significant Announcement in Warren County, North Carolina first appeared on BlackPressUSA.

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Administrator to honor legacy of environmental justice and civil rights at event in Warren County, site of protests that launched the movement 40 years ago

WASHINGTON (September 22, 2022) – On Saturday, September 24, U.S. Environmental Protection Agency (EPA) Administrator Michael S. Regan will travel to Warren County, North Carolina to deliver remarks on EPA’s environmental justice and civil rights priorities and the progress we’ve achieved since the first protest and march that launched the movement 40 years ago this week. Administrator Regan will make a significant announcement on President Biden’s commitment to elevate environmental justice and civil rights enforcement at EPA and across the federal government and ensure the work to support our most vulnerable communities continues for years to come.

Administrator Regan will be joined by significant figures from the civil rights and environmental justice movements, including participants from the original Warren County protests for the event.

Who:
EPA Administrator Michael S. Regan
Congressman G. K. Butterfield (NC-01)
Environmental Justice and Civil Rights Leaders
Warren County residents and community leaders
Additional stakeholders

What: Remarks on EPA environmental justice and civil rights priorities and honoring the legacy of the environmental justice and civil rights movement
When: Saturday, September 24, 2022,
Doors Open: 11:30 AM ET
Program: 12:45 PM ET
;
Where: Warren County Courthouse
109 S Main Street
Warrenton, NC 27589
Livestream: A livestream of this event will be available at epa.gov/live.

The post PRESS ROOM: EPA Administrator Regan to Join Leaders of Civil Rights, Environmental Justice Movement for Significant Announcement in Warren County, North Carolina first appeared on BlackPressUSA.

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September 26 | Governance at the Local Level | The Conversation with Al McFarlane

Join Al McFarlane (Host), Brenda Lyle-Gray (Co-Host) and Special Guest Co-Host Diana Hawkins, Executive Director for …
The post September 26 | Governance at the Local Level | The Conversation with Al McFarlane first appeared on BlackPressUSA.

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Join Al McFarlane (Host), Brenda Lyle-Gray (Co-Host) and Special Guest Co-Host Diana Hawkins, Executive Director for …

The post September 26 | Governance at the Local Level | The Conversation with Al McFarlane first appeared on BlackPressUSA.

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