Witness Testimony

Catherine Austin Fitts, an investment banker and former U.S. Assistant Secretary of Housing, testified that she views the COVID-19 pandemic primarily as a political and economic event rather than a public health crisis. She described what she called a “Going Direct Reset,” asserting that central bankers used the pandemic to accelerate financial restructuring, consolidate market power, and expand centralized control. She cited wealth concentration trends, small business closures, and large-scale central bank monetary injections as evidence of intentional economic re-engineering.
Fitts discussed the expansion of secrecy in federal financial management, referencing what she characterized as missing federal funds and increased use of undisclosed or “black budget” mechanisms. She expressed concern about central bank digital currencies (CBDCs), digital identification systems, and smart grid infrastructure, which she stated could enable direct control over individual financial transactions. She described these developments as part of a broader shift toward technocratic governance with reduced transparency and diminished financial autonomy.
Despite her concerns, Fitts stated that she remains optimistic about decentralized alternatives. She encouraged local economic resilience, increased use of cash, regional financial sovereignty initiatives, and community-level governance engagement. She emphasized transparency, merit-based systems, and grassroots organization as key elements for resisting centralization and restoring individual and regional autonomy.