Skip to main content
Menu Icon Menu Icon

InfoBytes Blog

Financial Services Law Insights and Observations


Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.

  • 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

    Share page with AddThis