Federal Reserve Says Launch Of CBDC Is ‘Key Duty’ In Message To Congress

Last week GOP Majority Whip Tom Emmer (R-MN) posted a picture on X of an itinerary of major priorities the Federal Reserve has, of which included the creation of a CBDC, which was presented last week during a hearing.

Decrypt noted in a report: ‘Emmer is one of the loudest voices in Congress to oppose a U.S. CBDC, repeatedly introducing legislation to ban their issuance entirely. Like many of his party members, including Sen. Ted Cruz (R-TX) and Florida Governor Ron DeSantis, he argues that CBDCs are China-style tools of financial surveillance and control.’

During a Senate Banking Committee hearing, Fed Chair Jerome Powell indicated they would only issue a CBDC if Congress approves one and that maintaining user privacy would be a top priority. “We’re nowhere near recommending—or let alone adopting—a central bank digital currency in any form. People don’t need to worry about it,” he said…