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  • Financial Services Committee Republicans ask Fed for clarification on CBDC

    On September 7, Republican members of the House Financial Services Committee submitted a letter to Federal Reserve Vice Chair Lael Brainard in response to a May hearing examining the potential impact of a Central Bank Digital Currency (CBDC). The letter, among other things, requested that Brainard provide her testimony regarding the Fed’s authority under the Federal Reserve Act to issue a CBDC (and without separate specific authorizing federal legislation). Specifically, the members requested that Brainard clarify: (i) the Fed’s motivation for issuing a CBDC; (ii) the need for Congress to support a Fed-issued CBDC; (iii) the Fed’s position on individual retail accounts at the Fed; (iv) the need for Congress to authorize an intermediated CBDC model; and (v) the need for “strong support” from the Executive Branch. The members asked for a response in writing by September 30.

    Bank Regulatory Federal Issues Digital Assets Federal Reserve CBDC Digital Currency Federal Reserve Act

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