Providing for Consideration of H.R. Financial Innovation and Technology for the 21st Century Act; Providing for Consideration of H.R. Cbdc Anti-Surveillance State Act; and Providing for Consideration of H.R. Prohibiting Voting By Noncitizens in District of Columbia Elections

Floor Speech

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Mrs. HOUCHIN. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 1243 and ask for its immediate consideration.

The Clerk read the resolution, as follows: H. Res. 1243

Resolved, That at any time after adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 4763) to provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived. General debate shall be confined to the bill and shall not exceed one hour equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees. After general debate the bill shall be considered for amendment under the five-minute rule. In lieu of the amendments in the nature of a substitute recommended by the Committees on Agriculture and Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-33, modified by the amendment printed in part A of the report of the Committee on Rules accompanying this resolution, shall be considered as adopted in the House and in the Committee of the Whole. The bill, as amended, shall be considered as the original bill for the purpose of further amendment under the five-minute rule and shall be considered as read. All points of order against provisions in the bill, as amended, are waived. No further amendment to the bill, as amended, shall be in order except those printed in part B of the report of the Committee on Rules. Each such further amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such further amendments are waived. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill, as amended, to the House with such further amendments as may have been adopted. The previous question shall be considered as ordered on the bill, as amended, and on any further amendment thereto to final passage without intervening motion except one motion to recommit.

Sec. 2. At any time after adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 5403) to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived. General debate shall be confined to the bill and amendments specified in this section and shall not exceed one hour equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees. After general debate the bill shall be considered for amendment under the five-minute rule. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted in the House and in the Committee of the Whole. The bill, as amended, shall be considered as the original bill for the purpose of further amendment under the five-minute rule and shall be considered as read. All points of order against provisions in the bill, as amended, are waived. No further amendment to the bill, as amended, shall be in order except those printed in part C of the report of the Committee on Rules accompanying this resolution. Each such further amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such further amendments are waived. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill, as amended, to the House with such further amendments as may have been adopted. The previous question shall be considered as ordered on the bill, as amended, and on any further amendment thereto to final passage without intervening motion except one motion to recommit.

Sec. 3. Upon adoption of this resolution it shall be in order to consider in the House the bill (H.R. 192) to prohibit individuals who are not citizens of the United States from voting in elections in the District of Columbia. All points of order against consideration of the bill are waived. The amendment in the nature of a substitute recommended by the Committee on Oversight and Accountability now printed in the bill shall be considered as adopted. The bill, as amended, shall be considered as read. All points of order against provisions in the bill, as amended, are waived. The previous question shall be considered as ordered on the bill, as amended, and on any further amendment thereto, to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Oversight and Accountability or their respective designees; and (2) one motion to recommit.

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Mrs. HOUCHIN. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Massachusetts (Mr. McGovern), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only. General Leave

Mr. Speaker, last night, the Rules Committee met and produced a rule, House Resolution 1243, providing for the House's consideration of several pieces of legislation.

The rule provides for H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, to be considered under a structured rule. It provides 1 hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their designees and provides for one motion to recommit.

Additionally, the rule also provides for H.R. 5403, the CBDC Anti- Surveillance State Act. H.R. 5403 would be considered under a structured rule, and it also provides for 1 hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their designees and provides for one motion to recommit.

Finally, the rule also provides for consideration of H.R. 192, a bill which would prohibit noncitizens from voting in elections in the District of Columbia, to be considered under a closed rule. It also provides 1 hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Oversight and Accountability or their designees and provides for one motion to recommit.

Mr. Speaker, I rise in support of this rule and in support of the underlying pieces of legislation beginning with H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, or FIT21.

Mr. Speaker, I am very glad that the rule provides for consideration of this legislation. As a member of the Financial Service Committee, we have spent countless hours trying to develop a responsible regulatory structure for blockchain technology and digital assets.

These conversations have become increasingly necessary as regulators like the Securities and Exchange Commission have failed. Instead of developing a targeted and purposeful framework that would promote innovation and protect consumers, they have led with regulation by enforcement action.

This approach threatens the United States' leadership in the future of digital assets, a future that could better protect privacy, reduce business costs, and empower more Americans.

This flawed approach by the SEC has required congressional action, and FIT21 is the joint response of the Financial Services Committee and the Agriculture Committee. FIT21 establishes a framework consistent with existing law but also appropriate for the digital assets in question and their unique characteristics.

First, there is no current clear market structure for the regulation of digital assets in the United States. The SEC has merely been regulating by enforcement action.

This leaves digital asset innovators and consumers to play a guessing game. This not only stifles innovation but lends itself to the SEC picking winners and losers.

Meanwhile, there is currently no way for digital asset commodities to be registered or regulated by the CFTC. Chair Gensler has repeatedly said most digital assets are securities. However, by his own admission, we know that not all digital are securities. In fact, it is estimated that 70 percent or more are commodities.

This is among the most important reasons for the passage of FIT21. The SEC does not regulate commodities. It regulates securities. The CFTC does not regulate securities. It regulates commodities. The advent of digital assets, which can be either securities or commodities, has created a regulatory black hole that FIT21 seeks to remedy.

By defining digital asset commodities and securities and creating a clear regulatory market structure, FIT21 protects consumers and provides the regulatory clarity for digital asset developers to innovate.

The framework offered by FIT21 will give clear guidance to regulators and thus allow consumers to better judge digital assets for themselves, avoid scams, reduce instances of data theft, and lessen the potential for market manipulation.

FIT21 is good for our constituents and good for the country. Mr. Speaker, I encourage all of us to support this important legislation.

Moving on to H.R. 5403, the CBDC Anti-Surveillance State Act, I am proud of H.R. 5403 because I share the concerns of many of my colleagues about the consequences of a Federal Reserve Bank digital currency and what that could mean for our constituents and their privacy.

If issued, a government-controlled CBDC, central bank digital currency, would give Federal bureaucrats the ability to track every transaction Americans make, as well as the ability to block any transaction they so choose. This would be an unprecedented level of surveillance on the daily lives of everyday Americans, and we should all be concerned about the potential threats to individual rights and privacy.

A CBDC would give the government the power to shut off access to payments and freeze the bank accounts of law-abiding citizens and institutions for political reasons, just like we saw with the Canadian trucker protest or with Operation Choke Point.

Mr. Speaker, I hope all of my colleagues will join me in standing against the creation of a central bank digital currency by supporting this bill.

Finally, this rule also provides for consideration of H.R. 192, a bill which would prohibit noncitizens from voting in elections in the District of Columbia.

Americans are rightly concerned with election integrity. Free and fair elections are essential to any democracy. We all agree on that.

What we should also agree on is that noncitizens voting in elections undermines confidence in elections.

That is why the District of Columbia's Local Resident Voting Rights Amendment Act is so objectionable. It allows noncitizens to vote in D.C. elections, including illegal immigrants and foreign agents.

It goes without saying that these individuals, in particular, have interests that are at odds with our own. They literally represent the interests of other countries, including countries hostile to the United States. Why would we want to allow Russia or China or any foreign agent to vote on policies that impact the U.S. Capital? It defies logic, but that is exactly what D.C. has aspired to do.

My colleagues might ask why we even have an interest in the affairs of local laws in this respect. The answer is quite simple: D.C. has a unique and constitutional relationship with the United States Congress.

A lack of confidence in American elections anywhere threatens the confidence in American elections everywhere. It is incumbent upon us to protect the integrity of D.C. elections when the District's elected officials fail to do so and when they allow noncitizens and people with loyalty to other countries to vote.

Mr. Speaker, I look forward to consideration of these three important pieces of legislation and urge the passage of this rule.

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Mrs. HOUCHIN. Mr. Speaker, I would just like to note that the bury- the-head-in-the-sand approach is the very approach that Chairman Gensler has been taking with regard to the regulation of digital assets.

Our colleagues seem to be less concerned about getting a regulatory framework for consumer protection and are hurrying to put in a central bank digital currency for digital surveillance.

Parliamentary Inquiries

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Mrs. HOUCHIN. Mr. Speaker, I am prepared to close, and I yield myself the balance of my time.

Mr. Speaker, Americans have always been a leader in innovation and technology, particularly in financial services. In order for this to remain the case, we must support regulatory structures that continue to foster that same innovative spirit without sacrificing privacy while providing necessary consumer protections and preserving market integrity.

Before us is the opportunity to move legislation that could have a positive effect on the everyday lives of all Americans.

H.R. 4763, the Financial Innovation and Technology for the 21st Century or FIT21, is a bill that delivers on all of these fronts for the future of digital assets here in the United States.

Speaking of protecting Americans, H.R. 5403, the Central Bank Digital Currency Anti-Surveillance State Act ensures that the government is never in a position to weaponize the financial system against the American people.

Innovation cannot come at the cost of sacrificing individual liberties. The issuance of a CBDC would only work to compromise Americans' rights and privacy.

Finally, H.R. 192 protects the integrity of American elections here in the District of Columbia, and we must prevent it. Congress must step in when local officials in the District fail to protect election integrity in this most basic sense. Noncitizens, including illegal immigrants and agents of foreign governments, must not have the ability to vote in American elections at any level anywhere. This is a basic issue of responsible governance.

To ensure government is responsive to and protective of the people it serves, elections must not include noncitizens or foreign actors.

Mr. Speaker, I look forward to moving these bills out of the House this week, and I ask my colleagues to join me in voting ``yes'' on the previous question and ``yes'' on the rule.

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