U.S. Republican lawmakers are demanding answers from a top federalreserve official on how the central bank views its powers to issue a digital dollar.
in May, which was her first after being sworn in as vice chairwoman of the Fed board. At that hearing, she said the Fed wouldn’t act on issuing a CBDC without “strong support” from the White House and Congress, adding that the agency had no intention of serving consumers directly.
“Is it your view the Federal Reserve may not establish an intermediated CBDC model without direct authorization from Congress?” the letter asked. It also requested more information about the Fed’s position on whether it could directly manage digital accounts for individuals, a key point for Republicans who insist that the financial industry maintain a central role.
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