Washington, D.C. – Rep. French Hill (AR-02) today released the following statement after the Federal Reserve Board of Governors released its long-anticipated paper on a potential U.S. central bank digital currency, or CBDC:
“While I am pleased to read the Federal Reserve’s new report, I am disappointed it was released months behind schedule. It is important for the Federal Reserve to not delay its important work on CBDCs any further. America must not fall behind. I urge the Federal Reserve Bank of Boston to expeditiously release its own report with the Massachusetts Institute of Technology (MIT) on the technological considerations of a CBDC, including the code that could be potentially used.
“In considering a design for a possible CBDC, the Federal Reserve must take a thoughtful approach that considers its impact on consumers, businesses, our economy, and the primacy of the U.S. dollar. That’s why I introduced the Central Bank Digital Currency Study Act, which would require the Federal Reserve, in consultation with other federal financial regulators, to conduct a study and report to Congress.
“I look forward to working with my colleagues to ensure the U.S. dollar remains the world’s reserve currency and that any U.S. CBDC assures that adequate privacy and security protections are in place, and that private sector innovation leads the way.”
