During an online forum today discussing the state of the U.S. economy, lawmakers, economists and business leaders shared thoughts on how to prepare for some of the gray clouds on the economic horizon as well as how to address longer-term issues.
Rep. Patrick McHenry (R-N.C.), ranking member of the House Financial Services Committee, said his constituents are most worried about the cost and availability of goods and price of gas at the pump, adding that it should be a priority to “bring the supply chain closer to home and with our trusted allies.” McHenry added that the Federal Reserve is doing “a strong job” under Chairman Jerome Powell’s leadership.
On the issue of cryptocurrency, McHenry said a “well-regulated space” is necessary for capital to “come into the cryptocurrency or digital asset ecosystem,” adding that “clarity under securities law and a well-regulated stablecoin regime” is required and that Congress should “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 issue of cryptocurrency brings with it a steep learning curve and said of his fellow lawmakers: “We’re all learning. We have a lot of policy makers wrapping their heads around the digital ecosystem,” which he compared to legislation efforts during the early days of the Internet.
Today’s event was produced by The Hill and sponsored by the American Bankers Association.