U.S. House Passes Bill to Limit Federal Reserve's Control Over Digital Currency

EddieJayonCrypto

 23 May 24

tl;dr

The US House of Representatives passed a bill, H.R. 5403, aimed at preventing the Federal Reserve from launching a Central Bank Digital Currency (CBDC) without Congressional authorization. The bill, sponsored by Republican Majority Whip Tom Emmer, aims to protect Americans' right to privacy and ensu...

U.S. House Passes Bill to Prevent Federal Reserve from Launching CBDC without Congressional Authorization

The US House of Representatives passed a bill, H.R. 5403, aimed at preventing the Federal Reserve from launching a Central Bank Digital Currency (CBDC) without Congressional authorization. The bill, sponsored by Republican Majority Whip Tom Emmer, aims to protect Americans' right to privacy and ensure that digital currency policy reflects values of privacy, individual sovereignty, and free market competitiveness.

The bill passed 216 to 192 along party lines, backed by 213 Republicans. House Democrat Maxine Waters opposed the bill, expressing concerns about hindering the Federal Reserve's research and authority. The bill is now headed to the Democrat-controlled Senate, where it is expected to face more resistance.

The Federal Reserve has stated that it has made no decisions on launching a digital, government-controlled version of the dollar, and the Fed Chair has reiterated that the agency is "nowhere near" recommending or adopting a CBDC.