House Republicans Requested DOJ Review Of CBDC Release

Republicans on the House Financial Services Committee demanded on Wednesday that the Department of Justice disclose its evaluation of a prospective central bank digital currency.

Senior Republicans on the committee, including Ranking Member Patrick McHenry, R-NC, Rep. French Hill, R-AR, and others, wrote to Attorney General Merrick Garland asking for his opinion on whether legislation is required for a CBDC.

The letter comes just weeks after the Biden administration issued a series of digital asset reports that looked into the possibility of a central bank digital currency, among other things.

The executive order issued by President Joe Biden that precipitated the reports asked the Department of Justice to evaluate whether legislation is required to issue a CBDC.

We write regarding the Department of Justice’s (Department) role in recent reports issued pursuant to the Executive Order on Ensuring Responsible Development of Digital Assets (Executive Order) and to request a copy of the Department’s “assessment of whether legislative changes would be necessary to issue a CBDC,” as required by the Executive Order. We appreciate the efforts to examine the impact a U.S. Central Bank Digital Currency (CBDC) will have on the Federal Reserve and its monetary policy tools; potential risks to our existing payments system; private sector competition and innovation; and the impact on American’s privacy, civil liberties, and security. However, the appropriate place for the discussion on whether authorizing legislation is necessary, is in the legislative branch.

Excerpt from House Republicans’ letter to Attorney General Garland

Republicans Ted Budd of North Carolina, Bill Huizenga of Wisconsin, Ann Wagner of Missouri, and Tom Emmer of Minnesota have also signed on. The legislators requested that Garland offer the Justice Department’s position on CBDC legislation by October 15.

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