RELEASE: REPS. HILL, AUCHINCLOSS INTRODUCE BIPARTISAN LEGISLATION PROHIBITING THE FEDERAL RESERVE FROM ISSUING A CBDC
WASHINGTON, D.C., May 17, 2023
WASHINGTON, D.C. – Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, today introduced the Power of the Mint Act alongside Rep. Jake Auchincloss (MA-04). This bipartisan legislation would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).
To watch Rep. Hill's remarks on the House Floor, please click HERE.
Rep. Hill's remarks as prepared for delivery:
"I rise today in support of the Power of the Mint Act.
"I first want to thank the bill’s sponsor, Mr. Auchincloss from Massachusetts, for his partnership to introduce the first bipartisan bill in Congress to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).
"We believe that under the Constitution, that authority rests with Congress and the American people, not unelected bureaucrats. And that’s non-partisan.
"Something that sets Americans apart from others is we’re rebelliously independent and skeptical of government overreach.
"It’s a cultural tradition in this country that’s been passed down from our Founding Fathers.
"Usually, the only time my constituents from central Arkansas ever call into my office about digital assets is when they’re worried that Uncle Sam is going to use a central bank digital currency to surveil where they’re spending their money and how much, and ultimately block them from using the banking and payments system.
"And it makes sense when you see conservative voices being silenced in the media and elsewhere. That’s why it’s critical we think about what guardrails, if any, are needed to protect consumers from government overreach, and prevent a central bank digital currency from being weaponized to target politically disfavored industries or activities.
Americans have a right to financial privacy. That’s why I’m proud to stand with the gentleman from Massachusetts to protect civil liberties, the role of the dollar as the global reserve currency, and prevent a surveillance state over everyday Americans.
"I urge my colleagues to support this bipartisan legislation, and I yield back."