Republicans on the U.S. House Financial Services Committee have given the Department of Justice (DOJ) ten days to provide its “assessment” as to whether the Federal Reserve is authorized to issue a central bank digital currency (CBDC). Eleven Republican congressmen requested a copy of the DOJ’s evaluation in a letter addressed to U.S. Attorney General Merrick Garland. Sharing CBDC Assessment As required by President Joe Biden’s executive order on digital assets released in March, the letter should explain whether legislative changes would be necessary to issue a CBDC. The House members argued that the U.S. legislative branch, not the federal executive department, would be the “proper location for considering ” legislation about a central bank digital currency (CBDC). The letter said, “The House Committee on Financial Services has spent considerable time and resources examining the potential risks and benefits of a CBDC,” #NEW: @PatrickMcHenry, @RepFrenchHill, and members of Committee Republicans' Digital Asset Working Group are demanding Attorney General Garland provide his assessment on the @federalreserve's authority to issue a #CBDC. 👇 Read the letter 🔗 https://t.co/RW3k49587e pic.twitter.com/aSUrHy2CZB — Financial Services GOP (@FinancialCmte) October 5, 2022 U.S. House Financial Services Committee’s Investigation The Committee has examined whether the Federal Reserve is permitted to issue a CBDC without receiving legisl...
