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House Passes Mooney’s Amendments to Rein in Biden Administration’s Costly and Dangerous Financial Services Actions

WASHINGTON – Last week, the U.S. House of Representatives passed two of Congressman Alex X. Mooney’s amendments to H.R. 4664, the Financial Services and General Government Appropriations Act to defund the CBDC (Central Bank Digital Currency) Working Group and to block a costly Securities and Exchange (SEC) rule targeting small businesses.

Congressman Mooney’s first amendment prohibits funding for the CBDC, commonly known as a digital dollar, Working Group, led by the Department of Treasury, to prevent the Biden Administration from bypassing the will of Congress. This federal Working Group is tasked with supporting the Federal Reserve’s digital dollar efforts. Congress has never given the Executive Branch or the Federal Reserve any authority to create or study federal digital currencies. Creation of a digital dollar could lead to government surveillance of purchases and the elimination of hard cash.

“Make no mistake: a federal digital dollar can very easily be used to spy on American citizens and become a social credit system.” said Congressman Alex X. Mooney. “If this White House wants to research a government surveillance tool that the overwhelming majority of Americans oppose, that direction should come from Congress.”

Watch Congressman Mooney’s full remarks here.

Congressman Mooney’s second amendment blocks the SEC’s “Private Fund Adviser Rule.” This rule places burdensome compliance costs on private funds, which primarily invest in small businesses across America and in West Virginia.

“Given high interest rates and the new capital rules that will further restrict bank lending to companies, now is not the time to restrict the ability of private funds to invest in West Virginia’s thousands of small businesses.” Said Congressman Alex X. Mooney. “This is nothing more than regulating for the sake of regulating.”

Watch Congressman Mooney’s full remarks here.