Lummis questions Federal Reserve chairman about energy, digital assets during first major Senate hearing

February 23, 2021

Senator Cynthia Lummis of Wyoming, in the Semiannual Monetary Policy Report to Congress, questioned Chairman of the Federal Reserve Jay Powell about President Biden’s energy policies and the Federal Reserve’s views on digital assets, financial innovation and faster payment methods.

Sen. Lummis pressed Chairman Powell on whether President Biden’s attacks on the oil, gas and coal industries were shortsighted given higher energy demand projections during America’s energy recovery. The State of Wyoming is the biggest net energy supplier in the country.

Sen. Lummis also asked about the impact that digital assets will have on streamlining financial market transactions. Wyoming is the friendliest state in the nation for digital asset banking and regulation.

To watch the exchange, click here.

As her first major legislative action, Sen. Lummis introduced the POWER Act to restore congressional oversight to energy leasing on federal lands. She has also announced that she is forming the Financial Innovation Caucus in the Senate, to help educate her colleagues about digital assets and other financial innovations.