On the recordMay 23, 2024
The Framers of the Constitution understood the importance of a strong and stable national currency, which is why Article I, Section 8, grants Congress the exclusive power to coin money and regulate its value. Congress must not forfeit this power to the Federal Reserve or the Department of Treasury when it comes to issuing a CBDC. CBDCs are digital liabilities issued by a central bank and made available to the public. My bill, the Power of the Mint Act, which I introduced alongside my Republican colleague and chair of the Digital Assets Subcommittee, Congressman Hill, would prohibit the issuance of a CBDC without authorization from Congress. The Rules Committee, though, controlled by Republicans, refused to consider my amendment, which would have made the text of the Power of the Mint Act the base text of this bill. Instead of voting on a bipartisan bill that I am confident would have secured a robust majority and achieved functionally similar ends, we are voting on one now that was thrown together haphazardly, ignoring the advice of legislative counsel, and combining our bills with no regard for duplicative sections. It was voted out of committee on a party-line vote. I urge my colleagues to vote ``no'' on this legislation. Mr. McHENRY. Madam Chair, I yield 1 minute to the gentleman from Pennsylvania (Mr. Perry).
