Political Quotes

“Mr. Chair, I rise in opposition to this amendment. It seems shortsighted to defund an effort to even look at an issue. The Central Bank Digital Currency Working Group is intended to complement the Fed's efforts by considering the implications of a U.S. CBDC. {time} 1700 It would be a good idea to examine whether there are economic benefits, including lower transaction and borrowing costs for U.S. households, businesses, and government. In addition, the U.S. uses sanctions and other financial measures to address national security threats and deny criminals and other illicit actors access to the U.S. and international financial system. Development of foreign CBDCs, including multi-CBDC platforms, could diminish the use of our dollar and the effectiveness of our tools in this space. I think it is at least worth letting Treasury look at the issue. I oppose this amendment, urge a ``no'' vote, and I reserve the balance of my time.”