Republicans want a clear answer from Fed Vice Chairman Lael Brainard on the digital dollar.
Republican lawmakers are waiting for a response from the Fed on what it takes to launch the digital dollar.
Republicans Demand Clarity About Digital Dollar
Patrick McHenry, a member of the House Financial Services Committee, along with other MPs, sent a letter to Lael Brainard.
The proxies aim to find out under what conditions the Fed will support the issuance of a CBDC.
The penned letter is based on statements Brainard gave at a panel in May. Brainard said in a statement that the Fed would not act to issue a CBDC unless strong support from the White House and Congress came.
Referring to this statement by Brainard, the attorneys want to know under what conditions this could happen.
Fed Chairman Powell said in a statement today that they have not made any decision on whether or not to own a CBDC.
Powell also addressed the concerns of the Republican legislators:
“We do not intend to issue a CBDC without specific authorization from both the executive branch and Congress.”
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