Republicans on the House Financial Services Committee asked the Department of Justice to share an opinion on the CBDC.
Member of the Committee Patrick McHenry, RN.C., Rep. French Hill, R-Arc. and other members sent a letter to Attorney General Merrick Garland questioning their views on whether the legislation was appropriate for the CBDC.
Republicans Ask for Opinion
The letter, sent by Republicans, comes weeks after the Biden administration released a series of digital asset reports examining CBDCs. President Biden’s executive order was asking the Justice Department to determine whether legislation was necessary to issue a CBDC.
The letter from Republicans on the House Financial Services Committee reads:
“We appreciate the Fed’s efforts to examine the impact of a CBDC on monetary policy and instruments. But the appropriate place to discuss whether authorizing legislation is necessary is in the legislature.”
Other attorneys signing the letter include GOP Representatives Ted Budd, RN.C., Bill Huizenga, R-Wisc., Ann Wagner, R-Mo. and Tom Emmer, R-Minn. Attorneys requested the Department of Justice to give its opinion on the CBDC by October 15.
