US lawmakers ask Justice Department to share CBDC assessment

House members asserted that the "proper place for discussion" of digital dollar legislation would be in the legislative branch American.

Republican members of the House Financial Services Committee have asked the Justice Department to provide its assessment and legislative proposals around a digital dollar within ten days.

In an October 5 letter to U.S. Attorney General Merrick Garland, 11 Republican lawmakers asked the Justice Department for a copy of its "assessment of the need for legislative changes to issue a CBDC," as President Joe Biden demands it. executive decree on digital assets from March. House members asserted that "the proper place for discussion" of legislation regarding a central bank digital currency would be within the US legislative branch rather than the federal executive department.

“The House Committee on Financial Services has devoted considerable time and resources to considering both the risks and potential benefits of a CBDC,” the letter states. “The committee's review was to analyze whether the Federal Reserve has the authority to issue a CBDC without authorizing the legislation. Committee Republicans pointed out in our CBDC Principles that the Federal Reserve does not have the legal authority to issue a CBDC in the absence of congressional action.

#NEW: @PatrickMcHenry, @RepFrenchHill and members of the Committee's Republican Digital Assets Task Force call on Attorney General Garland to provide his assessment on the @ the power of the Federal Reserve to issue a