Political Quotes

“Mr. Chairman, this amendment expands upon the base tax. The base tax says that none of these funds may be used to establish a central bank digital currency. A central bank digital currency shouldn't be established. Establishing could mean that it has already been created and waiting in the wings just in case we need it. For ``Star Wars'' fans, imagine if we let the empire build the Death Star, as long as they promise not to turn it on. Let's not do that. Let's not build this thing in the first place. We shouldn't design it or develop it. It shouldn't exist. That is the point of this amendment. Stop wasting your time on something that the American people don't want and Congress hasn't authorized. I think the base tax sort of gets at that, but I wanted to expand upon that to be clear. We don't even want it to exist. Why is this important? On March 9 of 2022, the Biden administration released an executive order outlining the administration's approach to the risks stemming from digital assets and blockchain technology. This included a directive to explore a United States central bank digital currency. {time} 1100 On March 1, 2023, the Under Secretary for Domestic Finance Nellie Lang gave a speech focusing on the administration's efforts thus far to design and develop a central bank digital currency: `` . . . a CBDC would involve both a new form of central bank money and, potentially, a new set of payment rails.…”