Republicans in the House Financial Services Committee cleared a bill that Rep. Patrick McHenry , the panel’s chairman, said would ensure “any U.S. CBDC must be explicitly authorized by Congress” and also “protects Americans’ privacy and our financial system from the risks a CBDC would pose.”
Even as Congress approaches the precipice of a U.S. government shutdown, House lawmakers took time to insist Wednesday that a so-called digital dollar is strangled before it’s conceived. The bill was designed to ban any CBDC pilot programs before they’re proposed, outlaw the Federal Reserve issuing a retail digital currency that could be used for citizen surveillance and require any progress on a government-backed token be explicitly empowered by Congress.
The House committee’s counterpart – the Senate Banking Committee – is led by Sen. Sherrod Brown , whoadvanced previously by the committee, this bill was opposed by the panel’s top Democrat, Rep. Maxine Waters . “It will keep the United States behind other countries, including China, as a race forward to develop a global standard for central bank digital currencies,” Waters said, accusing Republicans of taking a “deeply anti-innovation stance” on the technology, which has been embraced by other nations.
The Fed’s top regulatory official, Vice Chairman for Supervision Michael Barr, said earlier this month that the central bank won’t move forward without being directed by the White House and authorized with legislation from Congress.
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