Political Quotes

“Mr. Chair, I yield myself such time as I may consume. Mr. Chair, a central bank digital currency, or digital dollar, represents one of the greatest government surveillance threats of our time, and I am glad this Republican majority is taking it seriously. House Republicans have been clear that the Federal Reserve does not have the authority to issue a digital dollar without an act of Congress first. It also does not have the ability to build and test one behind the scenes. My amendment would stop the Federal Reserve's rogue digital dollar experimentation, known as the pilot program loophole, dead in its tracks. Right now, the Federal Reserve is contracting with the private sector to build digital dollars for the United States far beyond what could be considered traditional research. Essentially, the Federal Reserve is creating a central bank digital currency to use at a moment's notice. In Communist China, the digital yuan is being used to spy on its citizens and crack down on prodemocracy dissent. Soon, Chinese citizens will not even have a choice whether or not to use the digital yuan. In America, the Biden administration could use the digital dollar to track your gun purchases, for example. Chairman Jerome Powell has said the Federal Reserve would not issue a digital dollar without an act of Congress, but doing so as a so-called pilot program is the same thing.…”