Political Quotes

“It seems that Republicans remain focused on CBDCs when, as I have explained, the CBO has pointed out that the definition of CBDC in this bill can be interpreted to include bank reserves held by the Fed. Bank reserves are used as the settlement funds for interbank transactions that are facilitated by the Fed via its payment systems. This means that prohibiting the Fed's ability to hold bank reserves would make it difficult, if not impossible, to administer these payment systems likely causing a massive disruption to our banking and payment systems. A vote for this bill is a vote to disrupt our banking systems. Republicans are refusing to acknowledge the broader impacts of this bill to undermine the Fed, disrupt our banking and payment systems, and risk higher inflation, but the American people should know the truth. Mr. Chair, I reserve the balance of my time.”