United States Senator Bill Hagerty appeared on BloombergTV’s Balance of Power to discuss several key legislative issues, including the budget reconciliation package and the GENIUS Act. Hagerty, a member of the Senate Appropriations, Banking, and Foreign Relations Committees, emphasized the urgency of passing the budget reconciliation package to avoid significant tax increases.
“I think the most critical thing to keep in mind is the fact that if we don’t get this done, Americans are looking at a north of $4 trillion tax increase,” said Hagerty. He noted that economic projections suggest a potential 6 percent decrease in GDP if the package is not passed.
Hagerty criticized the Congressional Budget Office’s (CBO) analysis for failing to account for growth dynamics in their static analysis. “They missed it at an incredible level back after the 2017 Tax Cuts and Jobs Act was passed,” he stated.
Senate Republicans are seeking more spending cuts within the reconciliation process. “My colleagues in the Senate want to see more cuts, more deficit reduction,” Hagerty said. He stressed that timely action is crucial for economic certainty and capital investment.
Discussing tax policy, Hagerty supported making tax cuts permanent, aligning with Senator Steve Daines’ views on long-term capital investment planning. “Permanent is the best possible answer we could achieve,” he remarked.
On the GENIUS Act, which focuses on stablecoin legislation, Hagerty expressed optimism about its impact on modernizing payment systems and protecting consumers. “We have broad agreement with respect to the content of this stablecoin legislation,” he said.
Hagerty also touched on future market structure legislation as an extension of stablecoin efforts. He pledged to President Trump to advance this agenda swiftly despite delays beyond initial expectations.
Regarding banking regulation changes under President Trump’s administration, Hagerty welcomed Miki Bowman’s appointment and criticized previous regulatory approaches. “Michael Barr took us in exactly the wrong direction,” he commented.
In response to document requests from Wells Fargo linked to Senator Elizabeth Warren’s inquiries, Hagerty called for transparency but questioned Warren’s access to necessary information.
Lastly, Hagerty addressed U.S.-Iran relations following discussions between President Trump and Russian President Putin. He criticized past U.S. policies towards Iran while supporting maximum sanctions reinstatement: “We’re bringing that situation back under control.”
