WASHINGTON (Reuters) – U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s plan to build a digital currency called Libra raises “serious concerns” that merit a thorough regulatory review.

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” he said in an appearance before the U.S. House of Representatives Financial Services Committee. “These are concerns that should be thoroughly and publicly addressed.”

Powell said any regulatory review of the recently announced project should be “patient and careful,” and he expects the U.S. Financial Stability Oversight Council, a panel of financial regulators, will also review the idea.

He also said he supports financial innovation as long as appropriate risks are identified.