Bill Huizenga: “Last Congress, as a member of the Digital Assets Working Group, we established clear principles on how any proposed CBDC…”

“Last Congress, as a member of the Digital Assets Working Group, we established clear principles on how any proposed CBDC proposal should be evaluated. First, the U.S. dollar must remain the world's reserve currency, and our payment systems must continue to be the envy of the world. American taxpayers should benefit, not be disadvantaged, by any legislation that Congress enacts. Second, the private sector must lead the way. Digital asset policies must promote private-sector innovation and foster competition. That is what the bill was about yesterday, Mr. Chair. Further, we must maintain privacy and security protections consistent with other currency transactions utilized today. That is in danger, based on what the Fed is proposing. Lastly, it should come as no surprise that many Americans view a Fed- developed central bank digital currency with great skepticism, and I include myself in that category. Congress has not granted the Fed this authority, nor should it.”