Press Releases

WASHINGTON, D.C. – Rep. French Hill (AR-02) and Rep. Bill Foster (IL-11) today issued the following statement after Federal Reserve Chairman Jerome Powell announced last week that the Federal Reserve plans to publish a discussion paper this summer on digital payments and the possibility of a U.S. digital currency.

“The Fed is finally taking actionable steps to do what we’ve been asking them to do for two years and we’re pleased to see Chairman Powell announce steps toward making a digital dollar a reality. We have beat this drum for nearly two years through letters, legislation, and meetings, including with Governor Brainard, and we look forward to analyzing the paper once it is released. In order for the United States to maintain its financial leadership around the world, we must be at the forefront of the changing digital landscape and we will continue to advocate for ways to promote America’s competitiveness around the globe.”

Further Background:

• In September 2019, Rep. Hill and Rep. Foster wrote to Chairman Powell requesting further information on the Federal Reserves’ efforts to develop a digital dollar.
• In March 2021, Rep. Hill and Rep. Foster introduced the Central Bank Digital Currency Study Act, which would require the Federal Reserve to issue a report on central bank digital currencies in cooperation with other federal agencies.