House Panel Approves Bill to Ban Fed Digital Currency, Despite Opposition

The House Financial Services Committee approved a bill to ban the Fed from creating a US central bank digital currency (CBDC). The bill will now go to the House.
Congressman Tom Emmer introduced the bill to prohibit the Fed from launching a CBDC or pilot programs. It aims to prevent citizen surveillance.
The bill requires Congressional approval for any government-backed digital token. Its future in the Democrat-majority Senate is doubtful.
Rep. Maxine Waters opposes the bill, saying it would keep the US behind China in CBDCs and could jeopardize the dollar's status.
Most countries are exploring CBDCs, but the US is divided. The House will now decide whether to pass the bill banning a Fed CBDC.

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Relevant topic timeline:

8/24/2023

CBDCs are the future of global money

Central banks are exploring the issuance of digital currencies to promote financial inclusion and provide easier access to money for unbanked populations, with the potential to reduce dependence on cash, increase local currency adoption, and impact the role of international currencies such as the US dollar.

9/8/2023

Fed Vice Chair: Central Bank Digital Currency Still a Long Way Off, Concerns Remain About Stablecoins

The US Federal Reserve is still in the early research phase and far from making any decisions on a central bank digital currency, according to Federal Reserve Vice Chairman Michael Barr, who also emphasized the need for clear support from the executive branch and legislation from Congress before any moves are made. Barr expressed concerns about stablecoins and called for strong federal oversight to avoid risks to financial stability and the US payments system.

9/12/2023

House Republicans Seek to Block Fed Digital Currency Over Privacy Fears

Republican lawmakers are reintroducing a bill to block the Federal Reserve from issuing a central bank digital currency, citing concerns about surveillance and government control over financial data.

9/12/2023

U.S. Banks Accuse Regulators of Violating Laws with Capital Requirements Proposal

U.S. bank groups, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Citigroup, have accused the Federal Reserve and other regulators of violating federal laws with a proposal to raise capital requirements, arguing that it lacks sufficient public data and analysis.

9/14/2023

Congress Divided on Central Bank Digital Currency Proposals Despite Growing Interest

A key Democrat has introduced a bill for a digital dollar pilot, while Republican lawmakers are pushing for bills to ban central bank digital currencies (CBDCs) in the US, showing a divide on the issue.

9/14/2023

Witnesses Voice Concerns Over Central Bank Digital Currency at House Hearing

The United States Congress held a hearing on the potential creation of a US central bank digital currency (CBDC), with most expert witnesses arguing against it due to concerns about privacy, the commercial banking system, and government surveillance.

9/24/2023

Experts Question Fed's Ability to Engineer Soft Landing of Economy

The Federal Reserve's power to control the flow of dollars in the US is theoretical, as global credit flows freely and much of it finds its way to the US regardless of the Fed's desires, making the concept of a "soft landing" engineered by central bankers impossible and needless.

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Posted 9/20/2023, 8:34:16 PM

House Panel Approves Bill to Ban Fed Digital Currency, Despite Opposition

The House Financial Services Committee approved a bill to ban the Fed from creating a US central bank digital currency (CBDC). The bill will now go to the House.
Congressman Tom Emmer introduced the bill to prohibit the Fed from launching a CBDC or pilot programs. It aims to prevent citizen surveillance.
The bill requires Congressional approval for any government-backed digital token. Its future in the Democrat-majority Senate is doubtful.
Rep. Maxine Waters opposes the bill, saying it would keep the US behind China in CBDCs and could jeopardize the dollar's status.
Most countries are exploring CBDCs, but the US is divided. The House will now decide whether to pass the bill banning a Fed CBDC.

watcher.guru

Relevant topic timeline:

8/24/2023

CBDCs are the future of global money

9/8/2023

Fed Vice Chair: Central Bank Digital Currency Still a Long Way Off, Concerns Remain About Stablecoins

9/12/2023

House Republicans Seek to Block Fed Digital Currency Over Privacy Fears

Republican lawmakers are reintroducing a bill to block the Federal Reserve from issuing a central bank digital currency, citing concerns about surveillance and government control over financial data.

9/12/2023

U.S. Banks Accuse Regulators of Violating Laws with Capital Requirements Proposal

9/14/2023

Congress Divided on Central Bank Digital Currency Proposals Despite Growing Interest

9/14/2023

Witnesses Voice Concerns Over Central Bank Digital Currency at House Hearing

9/24/2023

Experts Question Fed's Ability to Engineer Soft Landing of Economy