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McHenry: Congress Should Not Rush to Issue a CBDC. Nor Should the Fed.

Today, the House Financial Services Committee is holding a hearing with Federal Reserve (Fed) Vice Chair Lael Brainard to discuss a potential U.S. Central Bank Digital Currency (CBDC). Prior to today’s hearing, all Committee Republicans sent a letter to Fed Chair Jerome Powell reiterating their principles to guide the discussion surrounding a potential U.S. CBDC, as well as outline their concerns with the potential risks to commercial banks, the existing payments system, and consumers. Watch Ran...

Committee Republicans to Fed Chair Powell: Do the Potential Benefits of a CBDC Outweigh the Risks?

Ahead of next week’s hearing to examine a U.S. Central Bank Digital Currency (CBDC), Ranking Member Patrick McHenry (NC-10) led all Committee Republicans in a letter to Federal Reserve (Fed) Chair Jerome Powell regarding the Fed’s recent CBDC white paper. In the letter, Committee Republicans reiterate their principles to guide the discussion surrounding a potential U.S. CBDC, as well as outline their concerns with the potential risks to commercial banks, the existing payments system, and consume...

McHenry, Luetkemeyer Lead Letter to Chopra Regarding Radical Interpretation of UDAAP Policy, Changes to CFPB Procedures

Today, Congressman Patrick McHenry (NC-10), top Republican on the House Financial Services Committee, and Congressman Blaine Luetkemeyer (MO-03), top Republican on the Subcommittee on Consumer Protection and Financial Institutions, led a letter with House Financial Services Committee Republicans to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra regarding the CFPB’s new unfair, deceptive, or abusive acts and practices (UDAAPs) supervisory policy and the recent changes to CFPB a...

Wagner at Committee Markup: Today’s Bills Do Not Meet the Moment

Today, the House Financial Services Committee is holding a markup of several pieces of legislation. While families across the country are struggling with rising prices and empty store shelves, Committee Democrats are attempting to advance mostly partisan proposals that will do nothing to address the many problems plaguing our economic recovery. Watch Vice Ranking Member Ann Wagner’s (MO-02) opening remarks here. Read Vice Ranking Member Wagner’s opening remarks as prepared for delivery: “Thank y...