[Congressional Record Volume 170, Number 89 (Wednesday, May 22, 2024)]
[House]
[Pages H3472-H3475]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
FINANCIAL FREEDOM IN AMERICA
The SPEAKER pro tempore. Under the Speaker's announced policy of
January 9, 2023, the gentleman from Utah (Mr. Moore) is recognized for
60 minutes as the designee of the majority leader.
General Leave
Mr. MOORE of Utah. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days in which to revise and extend their
remarks and include extraneous material on the topic of this Special
Order.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Utah?
There was no objection.
Mr. MOORE of Utah. Mr. Speaker, today and this week, House
Republicans are advocating for the American people and protecting them
from bureaucratic overreach. We are pushing legislation that will
protect Americans' right to financial privacy and
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create a regulatory framework for digital asset markets so American
industries can thrive.
I am grateful to the Financial Services and Agriculture Committees
for prioritizing this important issue, and I am grateful to have my
friend and colleague from Arkansas here to share more about his work on
this.
I think one interesting element to this is we had a very strong
approach and bill on this regulatory framework regarding these various
digital assets. We garnered an incredibly strong bipartisan vote today.
I think it is important to recognize this is not a messaging bill in
any way, shape, or form. We are trying to make sure we do the thing
that we are elected to do, and that is take care of this type of very
important work legislatively and not cede this power to the
bureaucratic state and the regulators.
That is something that we accomplished here, and we are accomplishing
this week. It is incredibly important to recognize that we are doing
this through legislation and not just through an administrative state.
Mr. Speaker, I yield to the gentleman from Arkansas (Mr. Hill), an
authority on this topic.
Mr. HILL. Mr. Speaker, I thank my friend from Utah for sharing some
of the time tonight to talk to the American people about some of the
important priorities that House Republicans have put on the floor for
consideration in the House this week.
House Republicans believe strongly that capital formation, jobs,
careers, and opportunities are essential to economic growth in our
Nation.
America's economic growth leads the world right now. We are so
blessed to have relatively low unemployment and ample work, but we are
also leading in technology. That is at the heart of what House
Republicans have had on the floor today.
First, let's talk about the internet. What has been more forceful in
our lives, all of our lives, for the past three decades? The internet.
Back in 1996, in this Chamber, in this House, former Congressman
Chris Cox of southern California, later an SEC chairman, Securities and
Exchange Commission chairman, was on this floor and he said: We should
not try to regulate or tax the internet. The internet is just a
computer program; it is a computer platform. Let's tax and regulate the
kinds of activity that take place on the internet.
This House made the decision, and the Senate joined, to leave the
internet as an open platform for collaboration. Think about that and
the effect on the last three decades.
If we had not had the Telecommunications Act of 1996 and that
resolution to not overregulate and hamstring the internet by Federal
intervention, you wouldn't have the smartphone technology in your
pocket. You would not be shopping and having your dog food delivered to
your house every month. It has been amazing to see how the protocols
written on the internet as open-source technology benefited our
country.
After email, it allowed us to set up our own marketing platforms on
the internet, so-called Web2, where we set up websites, we had
interactivity with our customers, we sold products, we serviced
products, and we took payments.
Now, it is time for people to have an opportunity to write
applications on a blockchain, what we call Web3. We want to own our own
data. We don't want our data to be owned by Google or by Facebook or by
Big Tech. Ideally, we would like to own our own data, have our own data
privacy, and all of that is made easier and more effective by writing
applications on a blockchain.
Today, in the House, we had a big vote. We have 435 Members here in
the House, and 279 Members voted in favor of the Republicans' proposal
for a regulatory framework for digital asset technology. This is
setting up the regulatory framework so that if you want to write an
application on blockchain and you want to raise money around that, do
venture capital effectively, right now there are no rules of the road
for that, zero.
{time} 1900
There is a regulatory gap, and that regulatory gap is in the purview
of the Securities and Exchange Commission. Right now, we have people
who want to do Web3 applications. They want to write programs for
blockchain, they want to raise money for that and have that technology
expand, but they are stymied by the existing laws and regulations of
the Securities and Exchange Commission.
Our fit for purpose act that we passed today by an overwhelmingly
bipartisan vote sets up that framework. It directs the SEC and it
directs the Commodity Futures Trading Commission what to do and how to
have the right laws and the right regulations so that people can trade
digital assets. Like bitcoin is a digital commodity, it is a
cryptocurrency, but this affects, as I say, the future of technology in
developing new forms of financial services that will lower costs for
consumers, give people more choice, let people own their own data and
have greater privacy and have less intrusion from Big Tech, own more of
what they create, and get paid for sharing what they create.
All of that, in my judgment, is at the heart of Web3 internet
development. The bill today, supported overwhelmingly by the
Republicans and 71 Democrats who joined us for a total vote of 279
votes on the House floor means that, once again, there is a bipartisan
consensus that we want America to lead in technology.
It is just like that bipartisan consensus back in the 1990s led by
Chris Cox so long ago that gave us the ability to have competitive new
technology for cellular telephones and for an open internet so that we
could creatively use it to build our businesses.
I want to thank some people who have helped make this a success over
the past 1\1/2\ years working on this: G.T. Thompson of Pennsylvania,
the chairman of the House Agriculture Committee, and Patrick McHenry,
the chairman of the House Financial Services Committee. If we didn't
have Patrick's and G.T.'s leadership then this wouldn't have been a
priority in this House. Working with Majority Leader Steve Scalise
and Speaker Mike Johnson, it became a priority for this House.
My hat is off to Chair McHenry and Chair Thompson for their
leadership.
It may sound like a small thing when you don't work here, Mr.
Speaker, but to see two large authorizing committees of the U.S. House
of Representatives, Agriculture and Financial Services, working
seamlessly together, it is a big deal. They produced this bill. I was
proud to work on it with them with my colleague on the Agriculture
Committee who does digital assets on the Agriculture Committee, Dusty
Johnson of South Dakota.
The four of us led this effort, but we had help from our whip, Tom
Emmer of Minnesota, and Warren Davidson who have been leaders in
decentralized finance, Fintech, and blockchain for years, long before
this bill came to the floor. They were essential to that effort.
Now for my friends on the other side of the aisle, Jim Himes of
Connecticut, Ritchie Torres of New York, Josh Gottheimer of New Jersey,
Brittany Pettersen of Colorado, and Ms. Caraveo of Colorado, these were
outstanding leaders on the Democratic side of the aisle who worked
tirelessly with Republicans to draft this law to convince the American
people that we do work together on this House floor, we do put America
first, and we do put American leadership in technology first. A vote of
279, as I say, is a big vote in the House on a bipartisan priority to
set the right course for a regulatory framework for digital assets.
Who benefits?
Consumers, investors, inventors, and people who want to create new
ways for you and me to do financial services and do healthcare together
on a blockchain benefit. I think this is an exciting prospect. I think
it was an important step for the House.
The second bill that we will be debating tomorrow is also led by
Republicans. It, again, says that the private sector should lead, not
the public sector, not Big Government when it comes to digital
payments.
Many in the Democratic Party support something called a central bank
digital currency where you would actually end up banking at the Federal
Reserve bank, and your lack of privacy and your private information
could be compromised because you would be embedded in this large
digital payment
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system called a central bank digital currency.
Republicans are opposed to that. We prefer the private sector
innovate in payments, as you see today in your own life, Mr. Speaker,
Venmo, Zelle, and peer-to-peer payments, those are products of the
private sector. Writing a check is part of the private sector. Making a
debit card payment or a credit card payment is a product of the private
sector.
We believe that is also the case when it comes to a tokenized payment
stablecoin. We believe that should be a product of the private sector
and not of the Federal Reserve or the central government.
Tomorrow, Mr. Speaker, you will see House Republicans come to this
floor and say that we do not want this administration, or any
administration, to move forward with a central bank digital currency
without a direct authorization of the Congress because we believe, as I
say, so strongly in the private sector leading the way in payments and
in the innovation for blockchain technology.
We will probably come to this House floor later in the year with a
private-sector driven payment stablecoin bill led by Mr. McHenry of
North Carolina.
To my friend from Utah, I say that those are some of the highlights
today that I think show that on a bipartisan basis, the Republicans are
leading in technology in this House.
Mr. MOORE of Utah. Mr. Speaker, I will echo the comments on much of
the financial services packages that we are putting on the floor this
week. The gentleman's comment that this is a big deal, I would hope
that folks could recognize that we are at a time where it is unknown.
There are no rules in place for this innovation that is taking place in
the financial market, and there has to be. It is good for every
American, it is good for our economy, and it is good for our industries
to be able to have that structure, and we are putting that forward
today.
The big deal about this is that this is something that should pass as
soon it goes over to the Senate. It has strong bipartisan support, and
folks can recognize the importance of this moment. House Republicans
are leading to make that happen and to make that possible. We are not
just engaging in messaging bills on this type of stuff. This is
legitimate, and it had a really, really strong vote today. It was not
as strong, I might mention, from my Committee on Ways and Means with
the tax package, but this is not a competition. It is not a
competition.
Mr. Speaker, I yield to the gentleman from Arkansas (Mr. Hill).
Mr. HILL. Mr. Speaker, I thank my friend from Utah for yielding.
I think that is an important comment that this vote of 279 sends a
strong message to the Senate that this House has done their homework
and that this House is prepared to advance technology that protects
consumers, offers opportunities for investors, lets America lead, and
brings capital back to the United States that has left the U.S. due to
the uncertainty and lack of leadership from the Securities and Exchange
Commission and the lack of authority in the Commodity Futures Trading
Commission.
I hope this is a sign we can work together with our friends in the
Senate and that we can make law in this financial technology advance
and, as you say, not just have a messaging bill.
Recognizing Julie's Sweet Shoppe in Conway, Arkansas
Mr. HILL. Mr. Speaker, small businesses are the heart of each of our
communities.
I rise today to recognize the efforts of a good friend, a great
entrepreneur, and one of my constituents, Julie Goodnight, and her
bakery, Julie's Sweet Shoppe in Conway, Arkansas.
Julie began her career in the bakery industry at the age of 17 as she
worked for her father's bakery, Ed's.
As the granddaughter of two World War II veterans, Julie loved how
her father's shop provided a place for local veterans to meet and share
their stories over a cup of coffee and a doughnut.
Beginning at Ed's in the 1990s, Julie worked to honor these local
heroes by celebrating them with an annual Veterans Day event, and when
Julie finally got that amazing opportunity that every American
entrepreneur dreams of, opening her own shop on Veterans Day in 2013,
she continued this amazing family tradition.
Since its founding, Julie's Sweet Shoppe has honored over 1,000 local
veterans at its annual Veterans Day celebration.
I have had the honor of attending every Veterans Day event at
Julie's, and I have seen firsthand the impact she makes on our
community.
I thank Julie's Sweet Shoppe for their outstanding service to our
veterans in central Arkansas and to wish them continued success in all
of their endeavors.
Syrian Emergency Task Force, 2024 Community Partner of the Year Award
Mr. HILL. Mr. Speaker, I rise today to congratulate the Syrian
Emergency Task Force, a nonprofit based in central Arkansas.
In May, the University of Central Arkansas awarded SETF with the 2024
Community Partner of the Year Award for their work to relieve the
suffering of those in Syria from Bashar al-Assad's deadly regime.
In 2011, the Syrian Emergency Task Force was created in response to
the Syrian Government's war on its own citizens, many of the targets of
which were innocent kids. It was called the Syrian Emergency Task Force
because they thought it would be a short-term emergency in 2011. Here
we are a decade later, and they are still hard at work on behalf of
ordinary people in Syria.
Last summer, I was honored to visit the beautiful children at SETF's
sponsored school for orphans, the Wisdom House, in northwest Syria.
While there, I heard devastating stories from these children who
endured continuous bombardment by the Assad regime and their Russian or
Iranian coconspirators resulting in more orphans on the street and more
families displaced.
Under UCA graduate and SETF executive director Mouaz Moustafa's
leadership, SETF works with those in the region and beyond to bring the
voices of the Syrian people to the international stage. They are
determined to create a safe and free Syria, away from the Assad
dictatorship.
I thank President Davis and many other leaders at the University of
Central Arkansas for their support of SETF and their support of the
organization's efforts to make a difference in the lives of the Syrian
people who are suffering at the hand of the Assad regime's barbarism.
The SETF is more than deserving of this award. I am proud to continue
to work alongside of them in Congress in combating the Assad regime and
helping them to be a strong advocate for helping the innocent people
regain their freedom and regain their country.
BSA 2024 Silver Buffalo and Antelope Awards
Mr. HILL. Mr. Speaker, I rise today to recognize these Scouters from
the Natural State Council who have been awarded national recognition in
2024.
The Silver Antelope, created in 1942, honors Scouters who have
demonstrated exceptional character and provided distinguished service
within one of Scouting America's 16 territories across the country.
The Natural State Council is delighted to see the recognition of Ray
Dillon of Little Rock and Anthony Sitz of Conway as the 2024 winners of
the Silver Antelope Award.
The Boy Scouts of America would not exist without the foundational
help of their volunteers. They make scouting successful. The
responsibility for ensuring that our youth receive mentorship and
guidance that they need to develop as strong leaders rests with
volunteers like Ray and Tony. I congratulate them both on this national
recognition of their decades of service.
National Guard Professional Education Center's 50th Anniversary
Mr. HILL. Mr. Speaker, I rise today to celebrate the 50th anniversary
of the National Guard Professional Education Center in North Little
Rock, Arkansas.
In 1974, then-Governor Dale Bumpers recognized the need for a place
to train National Guardsmen and -women from across the country, and he
knew Arkansas would make the perfect home for such a facility.
{time} 1915
Beginning with an inaugural class of 30 soldiers from 12 States, the
PEC now serves over 20,000 National Guard members from around the
country every year at their base in North Little Rock, Arkansas.
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For 50 years, the Professional Education Center has been committed to
the important work of ensuring the readiness of our National Guardsman
to respond to the challenges of today and the unknown challenges of
tomorrow.
The PEC at Camp Robinson is a credit to Arkansas and the Nation, and
I thank them for their service and dedication. I know the next 50 years
of our Professional Education Center on Camp Robinson will be
absolutely just as productive and successful.
Mr. MOORE of Utah. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I thank my good friend and colleague from the great
State of Arkansas for his words, more so for being able to encapsulate
what you all have accomplished with the Financial Services packages we
are putting on this week. They are a very big deal, as was mentioned.
Mr. Speaker, I look forward to sharing just a few thoughts of my own
as we wrap up here.
Mr. Speaker, I thank the gentleman for his tireless work. These are
meaty issues. They are hard for folks to truly understand, and it takes
the real work of Congress to do stuff like this, so I thank the
gentleman for his leadership there.
As I mentioned earlier, House Republicans are pushing legislation to
protect consumers' and Americans' rights to financial privacy, values
that I believe everyone can support. We witnessed that today with the
strong bipartisan vote on this issue.
The Financial Innovation and Technology for the 21st Century Act,
also known as FIT21, will protect consumers and encourage innovation by
creating a regulatory framework for digital asset markets through
legislation, not through regulators.
One of the most common frustrations that I hear back in the First
District of Utah is this concept of why does the administrative state
have so much influence? Why is there so much executive overreach?
This isn't just geared toward one administration. They are very
frustrated with pretty much all of President Biden's policies and his
executive actions, whether it be the student loan repayment stuff that
he is doing or the inability to implement solid policy at the border
and all the protections that he removed there.
They are so frustrated at executive overreach in general, and I think
you see that play out in why Congress, oftentimes, has such low
approval ratings.
Today was a day that we are pushing back against that. We can always
blame the administration, but part of it is that we have to look at
ourselves and say what we are doing to find a path forward and to find
a way to get something accomplished.
We have actually had several of these moments in this House majority,
in this Republican majority, in this 118th Congress. Today was
definitely one of those days.
We are making it so the executive branch is going to work the way
they are supposed to. This legislation should go to the Senate. It
should get a vote that will garner the same type of bipartisan support
that it got here in the House today, and it should be signed into law.
As digital assets and blockchain technologies continue to develop,
FIT21 takes a critical step toward market certainty for consumers and
innovators. Rather than regulation by enforcement, FIT21 will establish
clear regulatory lines between the SEC and CFTC, as well as ensure
digital asset providers have a pathway to raise funds.
FIT21 would also protect consumers and the broader ecosystem through
measures that establish transparent disclosure requirements, including
requiring digital asset developers to provide information about a
digital asset project's ownership and operational structure; creating a
comprehensive registration system for digital asset institutions to
serve customers in the market; and, three, ensuring that customer-
facing digital asset exchanges and brokers provide disclosures to their
customers and take steps to reduce those conflicts of interests, Mr.
Speaker.
We have seen what regulatory certainty and pro-growth policies can do
to help American industry thrive. I commend Chairman Thompson of the
Agriculture Committee, Chairman McHenry of the Financial Services
Committee, and members of both of those committees for their hard work
on this important legislation. As we heard earlier from Mr. Hill, this
is hard work. Actually finding consensus to move something forward is
the tough work of Congress.
House Republicans are also leading efforts this week legislatively in
supporting the CBDC Anti-Surveillance State Act, which is critical to
blocking Federal bureaucrats from creating a central bank digital
currency. A CBDC could allow a China-like reality in which our
financial system could be used against Americans as the government
monitors transactions and tracks customer behaviors.
As I shared earlier today, implementing a central bank digital
currency is simply un-American. There are few things that could totally
infringe on our freedoms and autonomy more than currency. There are
only a few things that could totally infringe on that more than a
currency that can be closely tracked, withheld, and weaponized based on
our behaviors, causes, and political leanings.
This bill ensures Congress maintains its authority over CBDCs so that
if a CBDC were authorized, it will receive robust attention and vetting
by elected officials.
Mr. Speaker, I can't stress enough that with the way that this
digital currency is trending--and we see it from other nations--the
ability to closely and quickly track directly offends our American
right to privacy on this important aspect of our financial freedom.
Again, we are taking the steps today with the House Republican
majority to find a path forward and do this the way that the
Constitution envisioned we would actually work here, to find a way to
make this into law and to actually address these issues.
It is a world that is, again, difficult to understand, and that is
why this is such tough work. Again, I commend the members on the
Financial Services and Agriculture Committees to get this right, put
forth the legislation, receive the bipartisan support, send it over to
the Senate, and, hopefully, get it passed into law soon.
Mr. Speaker, I thank my colleagues who participated in this and for
the successful week that we are having back here in our legislative
session, the last one in the month of May. We look forward to advancing
more key legislation tomorrow.
Mr. Speaker, I yield back the balance of my time.
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