The next is the transcript of an interview with Rep. French Hill, Republican of Arkansas, that aired on “Face the Country with Margaret Brennan” on July 13, 2025.
MARGARET BRENNAN: We cross now to Congressman French Hill. He’s the chair of the Area Monetary Services and products Committee. Welcome again to the printed. Your ears should were ringing with the 2 senators who began this system, as a result of they had been speaking about grabbing a few of the ones frozen Russian belongings. You moved a invoice and gave the president authority to in truth clutch them throughout the final management, beneath the REPO Act. The U.S. hasn’t ever earlier than seized central financial institution belongings from some other nation. Are you aware if the Treasury Division goes to take action now?
REP. FRENCH HILL: Smartly, Margaret, it’s essential be with you. Sure, I surely labored very exhausting with former Overseas Affairs Chairman Mike McCaul and others to position that during our 2024 nationwide safety package deal throughout the Biden management, as a result of we would have liked some other arrow within the quiver for the president not to simply clutch the ones belongings, however to transform them to the good thing about Ukraine. However lets by no means get consensus between the US and Europe for doing that, regardless of a unanimous vote of the Parliamentary Meeting of the Council of Europe supporting it. So I endured to induce President Biden to do this. We were given the hobby off the ones frozen belongings to profit Ukraine, however I feel it is time for the president to transform the ones seized belongings to a agree with account for the good thing about Ukraine. I am satisfied to listen to either Senators Blumenthal and Graham improve that concept. It is time to do it, and I have inspired Secretary Bessent that this must be a concern for President Trump.
MARGARET BRENNAN: On some other subject, as a result of you could have some oversight within the monetary area, I wish to ask you about feedback made in regard to Fed Chair Jerome Powell. The president says the financial system is in just right form, however he nonetheless complains in regards to the head of the central financial institution, says he is doing a horrible process as a result of he is not decreasing rates of interest. On some other community these days, the president’s best financial adviser stated the White Home is taking a look into whether or not the president has the authority to fireplace Chair Powell. Do you imagine the president has the facility and authority to fireplace the Fed president?
REP. HILL: You recognize, Margaret, I do not, and I imagine President Trump has spoken about this a number of instances over the last few years, together with not too long ago. Mr. Powell’s governorship, his chairmanship, is up subsequent spring. The president has vacancies arising at the Fed board, the place he may identify some other governor. However glance, simply because Congress created the Fed and that we imagine that it must be impartial within the environment of economic coverage, it does not imply that it is immune from grievance. And each and every president since Global Battle Two has had selection phrases for the Fed chair when they have no longer been in sync with the route of the president. So glance, the Congress continues to do oversight. I arrange a different job pressure to supervise the Fed’s determination making because the 2008 monetary disaster. We’ve that investigation, overview, and oversight underway, and we’re going to proceed it.
MARGARET BRENNAN: I feel you’ll recognize that the majority presidents would possibly have the ones selection phrases in the back of closed doorways, no longer on social media posts regularly, Congressman. However on crypto, I wish to ask you. Crypto has been the Wild West, proper, in some ways, as a result of they do not have the similar more or less law within the virtual asset area that there does exist for banks and fiscal services and products. You have got a couple of measures arising this week.
MARGARET BRENNAN: How do you are making certain, as you set those laws in position that more or less lend a hand crypto turn out to be extra mainstream, that it does not additionally receive advantages a few of the ones at the black marketplace, for instance, who use this to evade oversight?
REP. HILL: Precisely. Smartly, within the paintings within the Senate led by way of Invoice Hagerty and Tim Scott and Cynthia Lummis at the GENIUS Act to create a dollar-backed stablecoin, we have now closely influenced that law over the 2 years of earlier paintings by way of the Area and our Readability Act, which units up the principles of the street for what is a commodity, what is a safety, how you can use virtual belongings, how you can retailer them, how you can custody them. Those are the principles that may offer protection to shoppers, will restrict get entry to to our marketplace and our buyers from entities outdoor the US seeking to affect the crypto markets. We’ve none of that these days. What we have now had is a mismatch of regulations by way of enforcement within the Biden management, and I imagine the expenses we’re going to have at the Area ground this week will offer protection to buyers, shoppers, and make The usa, as President Trump needs, a pace-setter in monetary generation and crypto and virtual belongings innovation.
MARGARET BRENNAN: You recognize, sir, that the fear is that that is the patina of defense of customers with out exact muscle in the back of it. It was once fascinating to look, and plenty of American citizens who hang mortgages would possibly have spotted, that Fannie Mae and Freddie Mac who purchase and promote mortgages, that the top of the company, the Federal Housing Company, Invoice Pulte, instructed them they’re going to have to arrange an offer to check crypto as an asset on loan programs.
MARGARET BRENNAN: Given the massive taxpayer stake in Fannie, Freddie, are you pleased with folks the usage of crypto, one thing that is not in point of fact, you realize, tangible in some ways, to pay for a down cost on a home?
REP. HILL: Smartly, take a look at Bitcoin, for instance. One can now purchase Bitcoin. This can be a commodity. It is been made up our minds that it is a commodity by way of the CFTC and the SEC. One can hang it of their brokerage account thru an exchange-traded product, an ETF, ETP. It is now an asset for thousands and thousands of American citizens, and it surely may well be handled like a inventory or a bond or money as a contribution to somebody’s web value to qualify for a loan. And if we move Readability this week, which I be expecting we will be able to on a bipartisan foundation, and we craft a dollar-backed stablecoin like GENIUS presented by way of Senator Hagerty, we’re going to have the principles of the street. It would possibly not be a patina of client enforcement. It’s going to be actual client enforcement, investor protection–
MARGARET BRENNAN: –And the down cost for a house–
REP. HILL: –both by way of the CFTC, the SEC, and the financial institution, and the financial institution regulators. Smartly, glance once more. Bitcoin is an asset. You’ll be able to resolve in case you assume it will cross up in price or down in price, similar to shares and bonds or different investments that folks have on their monetary observation to protected their monetary observation for a net- for web value functions or to liquidate for a down cost. So, I feel it is a monetary asset. Our expenses will make it a extra protected one, and one that is higher for, I feel, all families and companies.
MARGARET BRENNAN
I am out of time, so I am gonna have to go away it there. Thanks, Congressman. We’re going to be again.
