McHenry at Markup of National Security, Privacy, & Anti-CBDC Legislation: Today, the House Financial Services Committee is Walking the Walk
Washington,
September 20, 2023 -
Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), is holding a markup of measures to strengthen American national security, protect Americans’ financial privacy, and prohibit the issuance of a central bank digital currency (CBDC).
Watch Chairman McHenry’s opening remarks here.
Read Chairman McHenry’s opening remarks as prepared for delivery:
“Today, we will consider a slate of legislation to bolster our national security, protect Americans’ financial privacy, and shield our financial system from the risks associated with a potential Central Bank Digital Currency, or CBDC.
“There is bipartisan recognition of the generational threat posed by the Chinese Communist Party. We held our first hearing of the Congress on confronting that threat and have already advanced several bipartisan bills to combat the CCP’s economic aggression.
“We’ve heard a lot of tough talk on China around the Capitol, but today the House Financial Services Committee is walking the walk.
“We will mark up arguably the strongest measure the House has ever taken up to target China’s military-industrial complex—Congressman Barr’s Chinese Military and Surveillance Company Sanctions Act.
“This bill focuses our energies on China’s ability to wage war, cutting off revenues and technologies to bad actors using our most effective time-tested tool—sanctions. I appreciate Chairman Barr’s leadership on this issue.
“We will also consider measures to strengthen oversight of foreign purchases of U.S. farmland. Congressman Lucas’ bill will officially add the Secretary of Agriculture to the Committee on Foreign Investment in the United States or CFIUS. Chairman Luetkemeyer’s bill will ensure that land purchases by adversaries like China are referred to CFIUS for a proper assessment.
“I appreciate both of their leadership on this issue and look forward to advancing these measures today.
“We will also consider several bills from our Democrat colleagues to bolster our national security.
“Ranking Member Waters’ Financial Access Improvements Act will incentivize other countries to improve efforts to combat narcotics-related anti-money laundering.
“Congressman Himes’ Combatting Foreign Surveillance Spyware Sanctions Act will provide sanctions authorities targeting foreign developers of commercial spyware, a growing threat that affects us all.
“Congressman Sherman’s Russia and Belarus Financial Sanctions Act—which passed the House last Congress— will help ensure that U.S. entities effectively enforce our existing sanctions against these adversaries.
“And Congresswoman Garcia’s Foreign Affiliates Sharing Pilot Program Extension Act will ensure this valuable pilot program operates for three years, as Congress intended.
“I appreciate their work on these thoughtful bills and look forward to passing them today.
“Turning now to the measures we will consider to safeguard Americans’ privacy and civil rights.
“I applaud our Vice Chairman, Mr. Hill, for his Financial Privacy Act. This legislation will produce long overdue accountability for FinCEN’s collection, maintenance, and release of data on U.S. citizens.
“This bill will provide transparency on the data the government collects to ensure that FinCEN is focused on legitimate law enforcement purposes as Congress intended. This data must be protected from unauthorized disclosure, including by limiting those who can access it.
“That’s why the Committee will also consider a package of FinCEN oversight and accountability measures offered by Chairman Davidson. The FinCEN Accountability and Oversight Act ensures that our Committee is notified of unlawful activities—like the leaking of sensitive financial information—before the public can read it in Buzzfeed like the so-called ‘FinCEN Files.’
“In addition to Chairman Davidson, this legislation includes provisions originally introduced by Small Business Committee Chairman Williams and Congressman Loudermilk. I applaud their combined efforts, which resulted in this robust package.
“We will also consider legislation from Congressman Nunn to close obvious loopholes in Beneficial Ownership filing and extend filing deadlines to the original statutory dates. I also want to recognize Ranking Member Beatty for joining Mr. Nunn in affirming congressional intent on B.O. filing.
“And finally, for years our Committee has examined the implications associated with a potential U.S. CBDC. Those efforts—which started during Ranking Member Waters’ tenure as Chair and have continued under Republican leadership—resulted in bipartisan recognition that any U.S. CBDC must be explicitly authorized by Congress.
“The CBDC Anti-Surveillance State Act underscores that fact and protects Americans’ privacy and our financial system from the risks a CBDC would pose. It builds on the principles that Republicans developed last Congress to guide our evaluation of a potential CBDC.
“The bill—led by Whip Emmer—emphasizes those principles and ensures that the Federal Reserve cannot issue a CBDC without Congressional approval.
“I applaud the work of all of our Members on this critical issue.”
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