House Republicans Want Answers From Fed on Digital Dollar

U.S. Republican lawmakers are demanding answers from a top Federal Reserve official on how the central bank views its powers to issue a digital dollar.

Rep. Patrick McHenry (R-N.C.), the senior Republican on the House Financial Services Committee – and potentially its next chairman, sent a letter alongside other committee Republicans asking Fed Vice Chairwoman Lael Brainard to explain her view on the central bank’s authority. Specifically, they want to know exactly what can trigger a Fed decision on creating a U.S. central bank digital currency (CBDC).

Read the letter