Legislation records and announcements from the U.S. Congress

Senator Lummis Proposes Federal Reserve to Buy 200,000 BTC Annually for 5 Years to Back USD and Offset Debt

Dec 19, 2024, 06:35 PM

U.S. Senator Cynthia Lummis has proposed granting the Federal Reserve the authority to own Bitcoin, suggesting the creation of a Strategic Bitcoin Reserve. The plan involves the Federal Reserve purchasing 200,000 BTC annually for five years and holding it for at least 20 years. Lummis argues that this reserve could help back the U.S. dollar as the world's reserve currency and offset the national debt, which currently stands at over $36 trillion. She also expressed the view that Bitcoin's value will continue to grow while the U.S. dollar's value declines.