CBDC faces Congressional hurdle
Published by: Sean Brown
October 4, 2023 | Compliance, Regulatory
Credit unions should be able to focus on finding innovative ways to keep up with the pace of competition from banks and FinTechs, not from the government. On Sept. 20, the U.S. House Financial Services Committee passed 11 pieces of legislation out of committee, most notably, H.R. 5403, the “CBDC Anti-Surveillance State Act,” which would prevent the issuance of a central bank digital currency (CBDC) without explicit authorization from Congress. The League has been active on the CBDC issue, submitting comment letters on both the Federal Reserve’s, as well as Treasury’s exploration into what a CBDC would look like, how it would function, and how it would be regulated. CBDC exploration remains a priority of the Biden Administration, and the League will continue to monitor the issue as it progresses.
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