Robust National Supply Chain and Crypto Regulation on Lawmakers’ Economic To-Do Lists
During online forum Discussing the state of the US economy today, lawmakers, economists and business leaders shared their thoughts on how to prepare for some of the gray clouds on the economic horizon as well as how to solve longer-term problems.
Rep. Patrick McHenry (RN.C.), a senior member of the House Financial Services Committee, said his constituents were most concerned about the cost and availability of goods and the price of gas at the pump, adding that it should be a priority to “bringing the supply chain closer to home and with our trusted allies. McHenry added that the Federal Reserve is doing “solid work” under Chairman Jerome Powell.
On the issue of cryptocurrency, McHenry said a “well-regulated space” is needed for capital “to enter the cryptocurrency or digital asset ecosystem”, adding that “clarity under of securities law and a well-regulated stablecoin regime” is necessary and that Congress should “deal with legislation in this area so that we can ensure that we bring resilience and security to our market”. He acknowledged that the cryptocurrency issue comes with a steep learning curve and said of his fellow lawmakers, “We are all learning. We have a lot of policy makers interested in the digital ecosystem,” which he compared to legislative efforts in the early days of the internet.
Today’s event was produced by The Hill and sponsored by the American Bankers Association.