Dave McCormick Questions Fed Nominee on National Debt and Fiscal Sustainability

Concerns Over US Fiscal Condition

• 📈 The US debt-to-GDP ratio is projected to reach 130% in 10 years, surpassing the historical high of 106% post-World War II.
• ⚠️ Fed nominee Governor Bowman acknowledges that the current fiscal path is unsustainable, with debt growing faster than economic growth.
• 🎯 While acknowledging fiscal responsibility lies with Congress and the administration, Bowman notes the importance of recognizing the deficit during a period of full employment.

Combating Fentanyl and Financial Crime

• 🛡️ Nominee Hurley discusses the critical role of the Office of Terrorism and Financial Intelligence (TFI) in protecting the US financial system from illicit actors.
• 🎯 A key priority is stopping the flow of fentanyl by targeting its reliance on the US financial system for global money movement, particularly involving Mexico and China.
• 💰 Hurley expresses enthusiasm for using TFI's tools, including FinCEN and law enforcement partnerships, to combat money laundering cycles associated with fentanyl.

Addressing Trade Disadvantages Against China

• ⚖️ Nominee Fogle highlights non-tariff barriers as a significant challenge for American exporters, often being insidious and regulatory in nature.
• 🇨🇳 China is identified as the primary threat, frequently violating international trade rules and creating disadvantages for US businesses.
• 💰 The cost of capital and unfair capital practices benefiting Chinese companies are noted as key non-tariff benefits that put US businesses at a competitive disadvantage.