Political Quotes

“I thank the gentleman from Tennessee (Mr. Ogles) for yielding the time. Mr. Chair, I rise in support of Mr. Ogles' commonsense resolution. Yes, it doubles down on the views of Congress in this bill, no doubt. The underlying bill already prohibits the use of a central bank digital currency to implement monetary policy. However, this sense of Congress further clarifies our intent. As Chairman McHenry just noted, the Federal Reserve is not permitted to develop, create, or implement a CBDC or to use a CBDC to implement monetary policy without authorization of Congress. Part of the reason we are here is due to the Fed officials having been ambiguous or noncommittal as to public statements related to their legal authorities under the Federal Reserve Act as it relates to a CBDC. I agree with Mr. McHenry that certainly this Chairman, Jay Powell, has been quite clear to our committee that issuing a retail CBDC is not something he could do without an authorization of Congress. That is why I think reiterating it in this resolution is an important step. I commend the gentleman from Tennessee for bringing this amendment. I hope all our colleagues on both sides of the aisle will support it and the underlying bill.”