Is a central bank digital currency (CBDC) necessary to protect the United States’ financial preeminence or a step towards authoritarianism? Congress returned to these questions again as Republicans move to advance new bills aimed at stopping a CBDC from going online. 

A House Financial Services Committee hearing today focused its attention on a trio of bills that would put limits on the Federal Reserve’s ability to operate a CBDC if passed. These bills, all sponsored by Republican lawmakers, include provisions that directly prevent the Fed from issuing digital currency or related banking services to Americans without express approval from Congress.

Rep. French Hill, who chairs the House Financial Services Committee’s subcommittee on digital assets, opened the hearing with a rejection of a possible CBDC. 

“Let me be unequivocally clear here for this audience: there is no support for a CBDC in Congress,” said Hill.

For the Republicans and several witnesses, the concern around a CBDC is based on a mixture of concerns. One concern is the effect a digital dollar could have on the traditional banking sector, anothe

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Author: Nicholas Morgan

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