Now, the Core Subject of this hearing is not Bitcoin Or Dogecoin or any other cryptocurrency. Instead its the explosion of cryptocurrencies over the last decade that has created the context for understanding the potential value and risks of digital currency. There are substantial difficulties with our current Payment System. Nearly 33 million americans have been locked out of the traditional Banking System. Theyre forced to use check cashers and payday lenders for basic banking services, and those with traditional checking and savings accounts found that many of the largest banks have proven to be untrustworthy, gouging customers for overdraft or other fees or in the case of wells fargo, just outright cheating their customers with fake accounts and fake services for which the customerS Pay dearly. So what are the alternatives . Digital currencies have been hyped as a solution to these problems. Early advocates claim that cryptocurrencies would open up the Financial System and deliver f
Increased 5. 4 over a year earlier. Senate committee of banking will come to order. Today our economy is growing because of the american Rescue Plan. In the bidenharris administrations leadership. Putting shots and money in pockets families have extra to pay the bills. Beginning today, july 15th, most parents will see a 250 or 300 monthly payment in their Bank Account for each child. In my state 92 of children are eligible. Small businesses are reopening their doors. Workers are safely going back to work at higher wages. Last month we added 850,000 jobs to the economy since biden took office. We gained 3 million more jobs, more than in the first five moves any presidency in modern history. Not only the jobs numbers but theuality of these jobs. For the first time in decades workers are starting to gain some power in our economy, the power to negotiate higher wages, the power to get better working conditions, the power to have more control over their schedules and stronger benefits, and
That is a discussion we are going to be having on an ongoing basis. We talked about some of the things at the last meeting, and we will talk about them of the next meeting a couple of weeks. Sen. Toomey i think that is important. Let me close with a question on a central make digital currency. During your testimony yesterday, i sensed what i wasnt sure, but thought might be a change in your tone about the virtues of a central bank digital currency being issued by the fed. One of the things you said yesterday if that one of the stronger arguments in favor of a cbdc is that you wouldnt need stable coins if you had a stable u. S. Currency. Isnt the reverse also true . If you have stable coins, cryptocurrencies and use, then maybe theres no need for a central bank digital currency. It is my view that the development of a central bank digital currency by the fed would require congressional authorization. I wonder if you share that view. Secondly, it is still not clear to me what problem a c
Up to ten inches of rain already in the last 24 hours in the Philadelphia Area alone. Families rescued from flooded homes. And the fires in the west tonight, from california to oregon. Residents escaping. One fire now burning across more than 200,000 acres. Senior Meteorologist Rob Marciano tracking it all. Cuba on edge tonight. Police detaining protesters after historic antigovernment demonstrations. And what were now seeing in miami tonight. Victor oquendo is there. Chaos in the air. The new report from the faa tonight. The number of unruly flyers jumping at an alarming rate. This florida woman allegedly refusing to wear her mask. And how long masks are expected to last on planes. To your money and the prices you pay at the checkout, from meat to eggs to used cars. Whats driving these higher prices . Are they here to stay or is this temporary . Rebecca jarvis with a Reality Check tonight. Ten days until the olympics, unprecedented restrictions in tokyo amid the coronavirus. Weve now
The u. S. Economy, inflation, and u. S. Labor shortages. He took questions from the senate banking committee. Senate committee of banking will come to order. Today our economy is growing because of the american Rescue Plan. In the bidenharris administrations leadership. Putting shots and money in pockets families have extra to pay the bills. Beginning today, july 15th, most parents will see a 250 or 300 monthly payment in their Bank Account for each child. In my state 92 of children are eligible. Small businesses are reopening their doors. Workers are safely going back to work at higher wages. Last month we added 850,000 jobs to the economy since biden took office. We gained 3 million more jobs, more than in the first five moves any presidency in modern history. Not only the jobs numbers but theuality of these jobs. For the first time in decades workers are starting to gain some power in our economy, the power to negotiate higher wages, the power to get better working conditions, the p