WASHINGTON— The ongoing fight over the potential introduction of a central bank digital currency (CBDC) by the Federal Reserve continues to heat up within the U.S. House Financial Services Committee, with divisions along party lines, according to a new report.
Most recently, Maxine Waters (D-CA) has taken aim at a bill recently reintroduced by Rep. Tom Emmer (R-MN) designed to forbid the Federal Reserve System from issuing a CBDC, CryptoSlate reported.
Waters, who previously chaired the Committee, expressed her reservations over the partisan nature of the bill, which she suggested will stifle innovation and keep the United States trailing behind other countries, the report noted
“Unfortunately, Republicans are marking up one bill that is not bipartisan. It will keep the United States behind other countries, including China, as they race forward to develop a global standard for central bank digital currencies….” Waters said. “At this point, nobody fully understands the potential benefits and challenges of CBDCs, or how their implementation could affect the preeminence of the U.S dollar and global finance more broadly. That is why the Biden Administration and the Federal Reserve are researching this.”
‘Stifles Research’
However, she criticized the Republican bill, stating that it could hinder research efforts, potentially weakening the U.S.’ ability to maintain pace with innovations in financial technology, CryptoSlate noted.
“The Republican bill before us today would stifle that research and prevent us from moving forward even if it means that the dollar loses its status as the world’s reserve currency and even if it means that U.S. citizens lose out on faster, cheaper, and simpler payments,” she said.
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