Lummis Puts Pressure on Fed Chair to Prioritize International Competitiveness

March 8, 2023

WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) questioned Federal Reserve Chairman Jay Powell about America’s competitiveness on the global stage, especially as it pertains to our policies surrounding digital assets. Senator Lummis also brought special attention to our country’s unsustainable national debt and the Federal Reserve’s actions on Wyoming Special Purpose Depository Institutions. 

“The European Union, United Kingdom, Australia, Switzerland and Singapore, among others, have already moved to create legislative frameworks governing digital assets. The European Union, in particular, is attempting to be a standard-setter in this space,” said Senator Lummis. “Without action, the United States stands to be a rule-taker instead of a rule-maker. We must act swiftly to fully integrate digital assets into our financial system in order to remain the global financial leader.” 

In response to Lummis’s questioning regarding digital assets, Powell agreed that the U.S. needs a regulatory framework regarding digital assets.  

“I think it is important for us to have a workable legal framework around digital activities. I think that is important and something Congress, in principle, needs to do because we can’t really do that,” said Chairman Powell

Wyoming created first-in-the-nation laws governing digital assets. Senator Lummis has been an outspoken advocate of financial innovation, digital assets and Wyoming’s digital asset laws.  

In June of 2022, Senator Lummis and Senator Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act to fully integrate digital assets into the American financial system and remain the global financial leader. 

In April of 2021, Senator Lummis introduced the Sustainable Budget Act which would create a bipartisan commission tasked with creating a plan to balance the nation’s budget within ten years. She plans to reintroduce both pieces of legislation in the 118th Congress. 

To watch Senator Lummis’ full line of questioning, click here