Pat McHenry

What we are trying to do here is make this a very straightforward stable product.

But Dodd-Frank was about de-risking the big banks, and now the President's Working Group contemplates that we are going to add more risk to these institutions.

I welcome the President's Working Group report that your group put forward to Congress and to the public about recognizing stablecoins.

We don't have a Federal regulatory regime for stablecoins, and we need it, and I think there is bipartisan understanding of that.

Today, Secretary Yellen, I think we should be focused on the challenges posed by Russia's invasion and the consequences to the global economy.

The Financial Stability Oversight Council, or FSOC, is charged with identifying and responding to emerging risk to our financial system.

The anecdotes here are very few and far between.

I am hopeful that in your leadership of FinCEN, we can right some of these huge challenges for the Agency and get it right for the American people.

You describe this as basically giving defendants more rights, but, in reality, you have internal adjudication now.

Typically, the interim final rules are issued when there is good cause to issue the rule immediately without putting the rule out for comment.

We just want to make sure since there were none provided, of texts or personal emails, that that was, in fact, the case?

It is more power, and it is new power.

Thank you, Mr. Chairman. Director Chopra, thank you for being here.

It is fair to say those documents raise new questions, but we will get into that.

I want to pivot to China, because I think the government of China is watching us very closely.

I have publicly commended the Administration's approach on sanctions.

We must remain clear-eyed about whom we're dealing with here.

But our expectation is that the Treasury Secretary will comply with the law and appear before our committee and other committees, as the law dictates.

Bad policy, bad economics, bad outcomes.

The massive injection of Federal spending that occurred over the past year... caused consumer prices to rise more rapidly than the economy's productive capacity.

If Democrats are looking to crack the code on the inflation equation, I would suggest a little self-reflection.

The American people should not have to mortgage their future because of Democrats' love of more government spending to give them the illusion of prosperity in the moment.

America is facing the worst inflation we have seen in 4 decades because of Democrats' reckless spending here on Capitol Hill.

We stand in a bipartisan way with the people of Ukraine, and we are grateful for their bravery.

We have the Fed Chair here at a time of unprecedented economic conditions and a war that is happening.