Press Releases
Sen. Lee Remarks on Coast Guard Reauthorization Act
Sep 19, 2022
Washington, D.C.—Sen. Mike Lee (R-UT) introduced numerous amendments to the Coast Guard Authorization Act during a markup hearing of the Senate Commerce Committee this week. 19 of Sen. Lee’s amendments were incorporated into the bill passed by the committee.
Sen. Lee Remarks on Coast Guard Reauthorization Act
Sep 19, 2022
Washington, D.C.—Sen. Mike Lee (R-UT) introduced numerous amendments to the Coast Guard Authorization Act during a markup hearing of the Senate Commerce Committee this week. 19 of Sen. Lee’s amendments were incorporated into the bill passed by the committee.
Senator Lee Introduces the No CBDC Act
Sep 14, 2022
Senator Lee introduced legislation to prevent the Federal Reserve from reshaping the U.S. financial sector and spying on every consumer transaction. The Fed, with encouragement from the Biden Administration, has begun to develop a central bank digital currency (CBDC), a cryptocurrency, minted, issued, and controlled by them, that would alter the ability of financial institutions to function as lenders, while giving the federal government knowledge of every purchase that uses a CBDC. Financial institutions could no longer offer loans since they would bear no risk for a deposit – they would function merely as wallets, holders of a CBDC – and as such, could not extend deposits to prospective borrowers in the form of loans. Moreover, since the Federal Reserve would be the sole operator and overseer of a U.S. CBDC, the bank would have knowledge of every purchase using the cryptocurrency; if it maintains the technology needed to create the CBDC, it will know how it is used.
Lee Leads Letter Addressing Conflicts of Interest at the FTC
Sep 14, 2022
Sen. Mike Lee (R-UT), joined by Sen. Grassley, Blackburn, Tillis, Cotton, Lummis, Cruz, and Scott, sent a letter to Federal Trade Commission Chairwoman Lina Khan expressing concerns over the agency’s use of unpaid consultants. Earlier that month an FTC Inspector General report found that the FTC, despite making wide use of unpaid consultants, lacked any organized policy or procedures to prevent “unpaid consultants and experts involvement in inherently governmental functions.” The letter asked the FTC to respond to a series of questions to assist Congress in its oversight of the agency. Chairwoman Khan responded on September 9th.
