Patrick McHenry

Mr. McHENRY

Mr. McHENRY. 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 veto message of H.J. Res. 109.

Mr. McHENRY. Mr. Speaker, for purposes of debate only, I yield the customary 30 minutes to the gentlewoman from California (Ms. Waters), the ranking member on the Committee on Financial Services, pending which I will yield myself such time as I may consume. General Leave

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, next month we celebrate the 134th annual Soldiers Reunion celebration in Newton, North Carolina, which I am proud to represent. It is believed to be the longest running patriotic celebration in the country that is not based on a holiday. Thousands of people will gather for various events including concerts, a car show, a bike ride, and a 5K. The sidewalks will be packed with families from August 10 through 15 for the annual parade and the festival surrounding Newton's 1924 courthouse. It is a special celebration. Our veterans and active servicemembers will be honored and recognized throughout the week, as they have been recognized since this tradition began in 1889. I thank and congratulate the citizens of Newton and the local organizations who spend many months each year planning for the Soldiers Reunion. They deserve our recognition for this annual reminder of the debt and gratitude we owe those who serve our Nation.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforseen circumstances, I was unable to cast my votes for H.R. 8774, H.R. 8752, or H.R. 8771. Had I been present, I would have voted YEA on Roll Call No. 331, YEA on Roll Call No. 333, and YEA on Roll Call No. 335.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforeseen circumstances, I was unable to cast my votes for the H. Res. 901 or H.R. 7152. Had I been present, I would have voted YEA on Roll Call No. 280, and YEA on Roll Call No. 281.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforeseen circumstances, I was unable to cast my vote for H.R. 2789. Had I been present, I would have voted YEA on Roll Call No. 282.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforeseen circumstances, I was unable to cast my vote for H.R. 2964. Had I been present, I would have voted YEA on Roll Call No. 249.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforeseen circumstances, I was unable to cast my votes for H. Res. 1215 and H.R. 6983. Had I been present, I would have voted YEA on Roll Call No. 233, and YEA on Roll Call No. 234.

Mr. McHENRY

Mr. McHENRY. Mr. Chairman, I yield myself the balance of my time to close. Mr. Chairman, I want to reiterate that this bill protects Americans' rights to financial privacy. That is the core of this. It was my hope that this bill would be the base text for an amendment process by which we get my Democratic colleagues and committee to agree with that principle. Nonetheless, we have brought this bill to the floor. It ensures Congress, not the current or future administration, retains authority over any potential central bank digital currency. This is Congress making a statement. We have the commitment. The current chair of the Federal Reserve says we will not have a consumer- facing central bank digital currency under his tenure in the Federal Reserve. That is the commitment of the current chair. That is not a commitment from the Federal Reserve. We have a legal ruling that says that, for this to be a consumer- facing central bank digital currency, the Fed would have to come back to Congress to ask for those authorities. Secretary Yellen, today, in news reports, says that it is indeed the case, in her view, that the Fed would have to come back to Congress to ask for authorities for central bank digital currency. We are making an affirmative stance and statement as a Congress that that is not just the opinion of the current chair of the Federal Reserve and the current Secretary of the Treasury, but the stance of the United States Government and the United States Congress. It is important that we recognize civil liberties are highly important, and our system in the United States is different than every system around the globe in protecting individuals' civil liberties from governmental encroachment. We should all agree that a central bank digital currency should reflect American values of privacy, individual sovereignty, and free market competitiveness. Mr. Chair, I urge my colleagues to support this bill. It is a very important statement for us, just like the important statement we made yesterday when 71 of my Democratic colleagues voted with almost all the Republicans to put forward a regulatory framework for digital assets and cryptocurrency. It was a great bipartisan outcome with a huge number of Democratic support, even though the administration said they don't want the bill, and even though the minority leader voted against us, and even though the ranking member on Financial Services whipped hard against the bill. We had 71 of my Democratic colleagues who saw innovation and consumer protection were at the core of that piece of legislation, and my colleagues voted in favor of it. It is my hope today that the minority will see that we need civil liberties protections from any governmental encroachment in the financial realm, and I hope we can make a nice bipartisan statement today, as well. Mr. Chair, I urge the adoption of this bill, and I yield back the balance of my time.

Mr. McHENRY. Mr. Chair, I am prepared to close, and I reserve the balance of my time.

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Nebraska (Mr. Flood), a leader in digital assets.

Mr. McHENRY. Mr. Chair, I would note for the record that bow ties are cheaper than the long ties. I suggest the same to the gentleman. Mr. Chair, I yield 1 minute to the gentleman from Michigan (Mr. Huizenga), the chair of the Oversight and Investigations Subcommittee of the Financial Services Committee.

Mr. McHENRY. Mr. Chair, I will note for the record a couple of key things. Number one, this is private-sector innovation. That was yesterday's bill. Two-thirds of the House spoke in favor of private-sector innovation for digital assets. I know the ranking member of the committee did not, but we had 71 of her Democratic colleagues vote with almost all the Republicans yesterday for private-sector innovation on digital assets. I know she did not. Today, what they want to do is have public-sector innovation. The regimes I spoke of yesterday, fostering private-sector innovation, are not going down the route of central bank digital currency. I want to note that for the record. Mr. Chair, I yield 1 minute to the gentleman from Oklahoma (Mr. Lucas), the chair of the Science Committee and a great leader on the Financial Services Committee.

Mr. McHENRY. 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 bill, H.R. 5403.

Mr. McHENRY. Mr. Chairman, I yield myself such time as I may consume. Today we are considering Majority Whip Tom Emmer's H.R. 5403, the CBDC Anti-Surveillance State Act. This bill is straightforward. It halts unelected bureaucrats from issuing a central bank digital currency, or CBDC. We believe that a central bank digital currency would be detrimental to Americans' rights to financial privacy. We have previously seen examples of governments around the world weaponizing the financial system against their own citizens. For example, the Chinese Communist Party used a central bank digital currency to track spending habits of its citizens. This data is being used to create a social credit system that rewards or punishes people based on their behavior. This type of financial surveillance has no place in the United States. After all, we have the Bill of Rights, and they do not. Concerningly, it appears that the current administration does not agree that financial surveillance has no place in the United States. In 2022, the White House issued an executive order pushing for CBDC research and development. The corresponding report and the data related to the executive order the President issued does nothing to ease the concerns about financial snooping on citizens. This is why the CBDC Anti-Surveillance State Act is necessary. The bill requires authorizing legislation from Congress for the issuance of any central bank digital currency, ensuring that it must reflect American values and civil liberties protections. If not open, permissionless, and private, a central bank digital currency is no more than a CCP-style surveillance tool waiting to be weaponized. I thank my friend, Whip Emmer, for his work on spearheading this legislation, along with Representatives Hill and Mooney for their leadership on this issue. I also thank Representative Davidson for his commitment to financial privacy in a larger context. I urge my colleagues to support this commonsense legislation, and I reserve the balance of my time.

Mr. McHENRY. Madam Chair, I now yield 5 minutes to the gentleman from Minnesota (Mr. Emmer), the majority whip, a great leader in the Financial Services Committee and an original actor in the space of cryptocurrency.

Mr. McHENRY. Madam Chair, I yield 2 minutes to the gentleman from Arkansas (Mr. Hill), the chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, who had a great victory yesterday with 71 Democrats voting for his bill.

Mr. McHENRY. Madam Chair, in responding to the gentleman's arguments, I don't know where to begin. The civil liberties protections in the United States are evident. We have a court of law. We have a provision for law enforcement to go after bad actors. This bill has nothing to do with this. It is a direct question of whether or not the Federal Reserve should be able to track your money without having to go to the courts, just evident in the technology. I yield 2 minutes to the gentleman from Ohio (Mr. Davidson), the vice chair of the Digital Assets Subcommittee and the chair of the Housing and Insurance Subcommittee on the Financial Services Committee. The gentleman is a great leader in digital assets and a thoughtful member of the committee.

Mr. McHENRY. Madam Chair, I yield the gentleman an additional 1 minute.

Mr. McHENRY. Madam Chair, I yield 1 minute to the gentleman from Pennsylvania (Mr. Perry).

Mr. McHENRY. Mr. Chair, I yield 2 minutes to the gentleman from Texas (Mr. Self).

Mr. McHENRY. Mr. Chair, may I inquire as to the time remaining on both sides.

Mr. McHENRY. Mr. Chair, I yield 1\1/2\ minutes to the gentlewoman from Georgia (Ms. Greene).

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentlewoman from Utah (Ms. Maloy).

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Texas (Mr. Williams), the chair of the Small Business Committee and a great leader for business in America, capitalism, and freedom.