United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, recently appeared on Balance of Power on BloombergTV to discuss significant legislative matters, including the budget reconciliation package and the GENIUS Act.
During his appearance, Hagerty addressed concerns related to the budget reconciliation package. He stated, “I’m from a no-tax state in Tennessee. There are real concerns about [State and Local Tax], but I realize that President [Donald] Trump broadened the tent to bring people together.” He emphasized the importance of negotiations and collaboration with Speaker Mike Johnson, saying, “We met yesterday with Speaker [Mike] Johnson. He was very clear that he wants to work with us.”
Hagerty highlighted the urgency of passing the budget reconciliation package for economic stability. He noted, “There are a number of elements at play. One of them has to do with this tax package and extending that…that’ll create a much more certain environment for commitments.” Additionally, he pointed out efforts to streamline regulations, mentioning an estimated $1.4 trillion annual compliance cost due to Biden administration regulations.
On opposition to the GENIUS Act, particularly from Senator Elizabeth Warren, Hagerty commented: “[Senator Elizabeth Warren is] absolutely wrong. And what she’s doing is using a political argument to stir up controversy.” He argued for modernizing the U.S. payment system by stating it would “extend dollar dominance around the world” and stimulate demand for U.S. treasuries.
Hagerty also discussed potential amendments to the GENIUS Act: “This is a major piece of legislation that’s moving onto the floor. We have a large number of amendments to sort through.” He expressed confidence in reaching a resolution after incorporating input from various stakeholders.
