On the recordMay 23, 2024
I am surprised by my friend Representative French Hill. Representatives French Hill and Bill Foster sent Fed Chair Jay Powell a letter on CBDCs stating: The Federal Reserve, as the central bank of the United States, has the ability and the natural role to develop a national digital currency. With the potential for digital currencies to further take on the characteristics and utility of paper money, it may become increasingly imperative that the Federal Reserve take up the project of developing a U.S. dollar digital currency. We are concerned that the primacy of the U.S. dollar could be in long-term jeopardy from wide adoption of digital fiat currencies. Relying on the private sector to develop digital currencies carries its own risks, including loss of control of monetary policy, as well as the ability to implement and enforce effective anti-money laundering and counterterrorism financing. Madam Chair, I yield 5 minutes to the gentleman from California (Mr. Sherman), who is also the ranking member of the Subcommittee on Capital Markets.
