Foxx Opening Remarks on H.R. 1919, 3633, 4016, and S. 1582
As prepared for delivery:
Good afternoon, the Committee will come to order. Without objection, the Chair is authorized to declare a recess at any time.
Today, the Rules Committee is convening to consider four separate measures: S. 1582, H.R. 1919, H.R. 3633, and H.R. 4016.
S. 1582, the bipartisan GENIUS Act, establishes a pro-growth regulatory framework for payment stablecoins.
This legislation is historic, and it will help propel responsible innovation within America, and lead us to securing an even stronger foothold within the global financial system.
The aims of this legislation are simple: to increase regulatory clarity, reinforce consumer protection, and ensure that the security of our financial system remains sound and not encumbered.
S. 1582 also affirms the dominance of the U.S. dollar – something we can all agree is incredibly pertinent.
H.R. 1919, the Anti-CBDC Surveillance State Act, would amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual and to prohibit the use of central bank digital currency for monetary policy.
In short, H.R. 1919 statutorily cements that the Board of Governors of the Federal Reserve currently does not have the authority to issue a central bank digital currency and will not have such authority unless Congress grants it under Congress' Article 1 Section 8 powers.
The federal government has absolutely no business whatsoever in creating mechanisms that allow for financial surveillance in this sweeping fashion.
Doing so would lead to flagrant abuses of consumer privacy – that’s an unacceptable outcome that simply cannot be allowed to happen.
This legislation would prevent the federal government from exercising unilateral authority in using the financial system as a cudgel against American consumers.
It’s critical that Congress passes this legislation so that the financial privacy of American consumers remains protected and free from undue influence.
H.R. 3633, the Digital Asset Market Clarity Act of 2025, establishes a set of functional, concise requirements for participants of the digital asset market while also spurring innovation and putting consumer protection first.
This is another strong piece of legislation that will help cement America’s leadership and standing within the global financial system.
To dispense with the regulatory ambiguity and regulation-by-enforcement that has ultimately stifled innovation, H.R. 3633 works to establish a clear framework for digital asset markets while closing regulatory gaps.
It is true that digital assets and other, related forms of blockchain technology can help unlock a new era of innovation – but that can only happen when there’s a clear roadmap for everyone.
Entrepreneurs. Developers. Consumers.
This legislation offers commonsense solutions that will help encourage innovation and lead to even further opportunities within the global financial system for America.
H.R. 4016, the Department of Defense Appropriations Act of 2026, provides for appropriations for the DoD for the fiscal year ending on September 30, 2026.
The bill provides a total discretionary allocation of $831.5 billion – the same as the Fiscal Year 2025 enacted level and adheres to the discretionary budget topline put forward in the President’s FY26 budget request.
It provides $189 billion for active, reserve and National Guard military personnel which is $6.6 billion above the Fiscal Year 2025 enacted level
In addition to the continuation of historic pay increases in FY25 for junior enlisted servicemembers, this legislation includes a 3.8% increase in basic pay for all military personnel effective January 1, 2026.
It makes key investments in research and development, procurement, operation and maintenance, and other critical areas throughout the Department of Defense.
Funding is also allocated for strengthening the industrial base and for other strategic priorities of the DoD.
Congress’ most important duty is to provide for the common defense of the nation. It is abundantly clear that this legislation must be passed so that we can continue to uphold that duty.
As always, I certainly welcome our Democrat colleagues to join us in voting in favor of these four separate measures.
With that, I now yield to the Ranking Member, Mr. McGovern, for any comments he wishes to make.
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