During an online forum today going over the state of the U.S. economy, legislators, financial experts and magnate shared ideas on how to get ready for a few of the gray clouds on the financial horizon in addition to how to deal with longer-term problems.
Rep. Patrick McHenry (R-N.C.), ranking member of the House Financial Services Committee, stated his constituents are most anxious about the expense and accessibility of products and rate of gas at the pump, including that it ought to be a top priority to “bring the supply chain closer to home and with our trusted allies.” McHenry included that the Federal Reserve is doing “a strong job” under Chairman Jerome Powell’s management.
On the concern of cryptocurrency, McHenry stated a “well-regulated space” is essential for capital to “come into the cryptocurrency or digital asset ecosystem,” including that “clarity under securities law and a well-regulated stablecoin regime” is needed which Congress need to “get on with the business of legislation in this realm so we can ensure that we bring resiliency and safety to our marketplace.” He acknowledged that the concern of cryptocurrency brings with it a high knowing curve and stated of his fellow legislators: “We’re all learning. We have a lot of policy makers wrapping their heads around the digital ecosystem,” which he compared to legislation efforts throughout the early days of the Internet.
Today’s occasion was produced by The Hill and sponsored by the American Bankers Association.