Republican lawmakers demand digital dollar answers from Fed vice chairman

House members asked for clarification on whether the Fed might consider an "in-between model" for a digital dollar that might require the permission of Congress.

Members of the House Financial Services Committee have asked Federal Reserve Vice Chair Lael Brainard to clarify her stance on a central bank digital currency ahead of deadlines set by the Federal Reserve's executive order. US President Joe Biden on digital assets.

In a letter to Brainard on Wednesday, 24 Republican lawmakers, including high-profile member Patrick McHenry, asked the Fed Vice Chairman to respond to questions about whether the central bank was seeking to "limit the use of digital assets and other innovative payment methods from the private sector” to unleash a digital dollar. They also asked what the role of Congress might be in passing legislation for a US central bank digital currency, or CBDC.

#NEW: All Committee Republicans, led by @PatrickMcHenry, have sent a letter to @federalreserve Vice Chairman Lael Brainard.< /p>

They demand that she clarify her testimony regarding the Fed's authority to issue a #CBDC.

⬇️ Learn more https://t.co/9kyYj4jTda pic.twitter.com/tinzuysJE8

Brainard addressed the committee in May on the benefits and risks of a digital dollar, suggesting...