Senator Hagerty Calls the GENIUS Act a "Critical Piece of Legislation" for Preserving the Dollar's Dominance

Senator from Tennessee Bill Hagerty made a statement on the current state of budget negotiations in Congress and the GENIUS Act legislative initiative

Senator Bill Hagerty (R-TN) spoke on the Senate floor today about the need to quickly finalize a bipartisan tax package and complete a budget resolution.

Hagerty said that these two tasks are essential for economic stability and that the delay in adoption is limiting the inflow of new capital commitments and creating risks for the markets.

“We need this done for the sake of the markets. We need this done for the sake of certainty,” Hagerty said.

In addition to reducing direct spending, Hagerty said that it is also necessary to reduce regulatory overhead. He said that the Biden administration has imposed new regulations that will cost American businesses $1.4 trillion a year in compliance costs.

“The incremental cost of the Biden regulations amounts to $1.4 trillion a year of extra compliance cost,” Hagerty said.

Hagerty also spoke about the importance of the GENIUS Act, which is a bill that would create a new regulatory framework for stablecoins. The bill is now being reviewed by the Senate.

Hagerty said that the bill had received support from several Democrats on the Banking Committee and that it had been the subject of four hours of debate. He said that five Democrats supported moving the bill to the Senate floor.

“It is now being reviewed by the Senate and we’ll be looking at over 100 amendments,” Hagerty said.

Hagerty’s remarks came as Congress faces a pressing deadline to complete a budget resolution by Sept. 30. The lack of progress on this front has raised concerns about the potential for a government shutdown.

In addition to the budget resolution, Congress is also working to finalize a bipartisan tax package. This package would extend key provisions of the 2017 Tax Cuts and Jobs Act, such as the temporary expansion of the Child Tax Credit.

The tax package is also expected to include provisions to support low-income families and to promote economic growth.

With the clock ticking and several critical tasks remaining, the coming days will be pivotal in determining whether Congress can rise to the occasion and deliver on the urgent needs of the nation.