cryptoknowmics.com
Republicans on the U.S. House Financial Services Committee have given the Department of Justice (DOJ) ten days to provide its "assessment" as to whether the Federal Reserve is authorized to issue a central bank digital currency (CBDC). Eleven Republican congressmen requested a copy of the DOJ's evaluation in a letter addressed to U.S. Attorney General Merrick Garland.
Sharing CBDC Assessment
As required by President Joe Biden's executive order on digital assets released in March, the letter should explain whether legislative changes would be necessary to issue a CBDC. The House members argued that the U.S. legislative branch, not the federal executive department, would be the "proper location for considering " legislation about a central bank digital currency (CBDC). The letter said,
"The House Committee on Financial Services has spent considerable time and resources examining the potential risks and benefits of a CBDC,"
https://twitter.com/FinancialCmte/status/1577692798102429696
U.S. House Financial Services Committee's Investigation
The Committee has examined whether the Federal Reserve is permitted to issue a CBDC without receiving legislative authorization. Republicans on the Committee underlined that the Federal Reserve lacks the legal authority to issue a CBDC without Congressional action on our CBDC principles. Representative Tom Emmer and ranking member Patrick McHenry, who most recently appeared virtually at the Converge22 conference in San Francisco, both signed the letter. He has questioned the sanctions placed on cryptocurrency mixer Tornado Cash by the Treasury Department. The legislators asked Garland to answer by October 15.