Pat McHenry

Thank you, and thank you, Madam Chairwoman, for hosting this hearing today or organizing the hearing today.

As a matter of American policy, why are we driving people away from our friendship as a nation and towards seeking a country that does not adhere to our rules of law, our concept of human rights, and our struggle to improve human rights?

When innocent people and legitimate businesses are being shut off from financial services, we need to take a step back.

De-risking is a critical issue, and the last time we talked about de-risking in a committee hearing was back in 2008.

Without action on this issue, we risk ceding our leadership in this region to countries like China and Russia.

In de-risking, we want to make sure that the knock-on effects of this are not so severe that we actually go against our common interest here.

We are concerned about transparency. You have a very important agency.

Thank you, Madam Chairwoman, and Director Thompson, welcome to your first appearance before the committee.

One of the worst is when we come up with new giveaway subsidies for people who probably don't need it.

It is this kind of unchecked spending that is pushing the housing market from boom to bust for the average American family.

I would commend to the committee Secretary Yellen's statement, where she rejects the idea that corporate greed is to blame for inflation, and I concur.

The lesson for the Fed is clear: It needs to focus on doing a limited number of jobs well and not get distracted by those who want it to be all things to all people.

As we face the worst inflation the country has seen in 4 decades, I am encouraged to have Mr. Powell leading our Central Bank, and I am hopeful that the Fed will rise to the occasion.

I hope that the skyrocketing inflation unleashed under the Biden Administration puts an end to these discussions.

Chair Powell, I hope you are hammering this message home with the Fed, as ordinary Americans see their paychecks eaten away under Democrat mismanagement of our economy.

I am confident that Chair Powell is taking this emergency seriously, and as I have said many times before, I think he is the right man for the job, and he is.

President Biden continues to deny that the so-called American Rescue Plan contributed to inflation, recently calling that idea, 'bizarre.'

It is the Democrats' trillions in wasteful spending that resulted in higher grocery bills and soaring gas prices.

A year ago, President Biden tried to buy support by signing into law a $2-trillion stimulus bill.

I also strongly believe that a U.S. CBDC should be designed to promote financial inclusion.

I think this is the reason why we need to have a well-regulated stablecoin regime, or to at least have a conversation.

The Federal report makes clear is that legislation is necessary for the Fed to issue a central bank digital currency.

While cryptocurrencies have the potential to offer several efficiencies in the way that we send and receive money, the early stages of innovation in this realm are revealing the clear risks associated with some cryptocurrencies.

I believe the design of this digital dollar should balance the need for privacy protections, while retaining mechanisms to prevent money laundering and other illicit uses.

The Biden administration has made every aspect of family life more difficult.