Political Quotes

“Mr. Chair, I thank Chairman McHenry and Whip Emmer for being leaders on digital asset policy and specifically for this legislation preventing a Federal Reserve bank from offering central bank digital currency to an individual. As advances in technology drive changes in the payments landscape, it is the responsibility of Congress to foster innovations while protecting consumers. Today, a Federal Reserve note, physical currency, is the only kind of central bank money available to the public, but a CBDC would be a new form of money, a digital dollar, which raises significant financial stability, privacy, and consumer protection concerns. This legislation clarifies that the Fed cannot offer direct products or services, or maintain accounts on behalf of an individual, and specifies the congressional authorities needed for the Fed to set up a CBDC. During the past 15 years, Congress has transferred a significant amount of authority to the Federal Reserve. In the case of a CBDC, congressional approval is essential before embarking on transformative policy changes with broad implications. Mr. Chair, I thank Mr. Emmer and Mr. McHenry for offering this legislation.”