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McHenry Delivers Opening Remarks at Markup of Stablecoin, ESG Legislation
The Clarity for Payment Stablecoins Act is a Historic Effort to Institute a Regulatory Framework for the Issuance of Payment Stablecoins

Washington, July 27, 2023 -

Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), is holding a markup of legislation to establish a regulatory framework for payment stablecoins, protect self-custody for digital assets, overturn the CFPB’s disastrous small business lending data collection rule, and combat the influence of ESG initiatives in our financial markets. The Clarity for Payment Stablecoins Act recognizes several regulatory paths for approving and regulating stablecoin issuers while ensuring robust protections for consumers through the creation of a uniform federal floor for payment stablecoins.
Watch Chairman McHenry’s opening remarks here.
Read Chairman McHenry’s opening remarks as prepared for delivery:
“I’d like to start by saying I am disappointed. Today, I had hoped to announce an agreement with the Ranking Member on stablecoins.
“That will not be the case.
“Instead, we will move forward with the bill that was originally noticed for today’s markup.
“To be clear, this is by no means the fault of the Ranking Member or her staff. They negotiated in good faith, and I want to commend them for their work.
“Ranking Member Waters started these negotiations when she was Chair of this Committee and continued to work with me when I became Chair.
“I think that speaks to the urgency and importance of providing clarity for payment stablecoins.
“Unfortunately, there was a third party in this negotiation that did not share our same sense of urgency—the White House.
“A bipartisan deal was within reach—we were closer than we’ve ever been. A few small, but nonetheless important, provisions stood between us and a deal. It was the White House’s unwillingness to compromise that has once again brought negotiations to a halt.
“It’s a shame, but at some point you have to put the pens down.
“I want to thank the Members, both Democrat and Republican, who provided their thoughtful feedback throughout this process.
“I want to thank the many stakeholders who also weighed in.
“And I want to specifically commend New York Department of Financial Services Superintendent Adrienne Harris for her invaluable contributions.
“Thanks to her work, the bill before us today includes a true state pathway that builds on the highly successful New York state regime.
“This is a strong product that includes both Republican and Democratic feedback.
“I have confidence that it accomplishes our shared goal—to provide a clear regulatory framework for the issuance of payment stablecoins—and believe it deserves bipartisan support.
“Now, turning to the other items on the agenda for today’s markup.
“We will consider Subcommittee Chairman Warren Davidson’s Keep Your Coins Act.
“Mr. Davidson has been a longtime advocate for the importance of self-custody and Americans’ privacy rights. I appreciate his longstanding leadership on these issues and digital assets as a whole.
“Additionally, we will consider a Joint Resolution from the Small Business Committee Chairman Roger Williams to use the Congressional Review Act to overturn the CFPB’s disastrous small business lending data collection rule.
“Chairman Williams has been one of Congress’ foremost champions for America’s small businesses, both at the Financial Services Committee and the Small Business Committee. I thank him for his leadership and look forward to advancing his bill today.
“Finally, we will markup four packages to restore our free markets and bolster American competitiveness, while protecting the financial interests of everyday investors.
“For the past month, Committee Republicans have prioritized getting politics out of corporate boardrooms.
“To be clear, this is not about injecting our own politics into businesses. It’s about getting politics out altogether.
“And to address any concerns from my colleagues across the aisle, the bills we are considering today are about restoring our free markets and the free flow of capital.
“ESG mandates politicize capital allocation, with the intent to force certain actions from American public companies.
“This leads to reduced returns for everyday investors and weaker economic growth by diverting executives’ attention away from sound financial management.
“These bills, like those sponsored by Mr. Huizenga and Mr. Loudermilk, are designed to stop rogue regulators from forcing a left-wing agenda that my Democratic colleagues have been unable to pass in Congress.
“Additionally, we will consider bills from Mr. Steil and Mr. Norman to restore the rights of shareholders by reforming the proposal process and delivering accountability and transparency to the proxy advisory industry.
“This has been a priority for a lot of our members and these packages are made up of dozens of bills originally introduced by many of our Republican members and I thank them for their thoughtful legislating
“With that, I look forward to today’s debate, and I yield back the balance of my time.”

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