US House Financial Services Committee to Mark Up Two Bills Blocking Potential Digital Dollar on September 20
According to September 18 TuoniaoX.com news, the US House Financial Services Committee is advancing legislation aimed at preventing central bank digital currency issuance. Per Chairman Patrick McHenry's announcement, the committee will mark up two bills related to a potential digital dollar on September 20. A markup is a meeting where lawmakers discuss bill details and represents a crucial step before legislation is submitted to the House. One bill is the Digital Dollar Pilot Prevention Act (HR 3712), which prohibits the Federal Reserve from launching CBDC testing pilot programs without congressional approval.
According to September 18 TuoniaoX.com news, the US House Financial Services Committee is advancing legislation aimed at preventing central bank digital currency issuance. Per Chairman Patrick McHenry's announcement, the committee will mark up two bills related to a potential digital dollar on September 20. A markup is a meeting where lawmakers discuss bill details and represents a crucial step before legislation is submitted to the House.
One bill is the Digital Dollar Pilot Prevention Act (HR 3712), which prohibits the Federal Reserve from launching CBDC testing pilot programs without congressional approval. The bill was introduced by Representative Alex Mooney in May.
The second piece of legislation is an amendment to the Federal Reserve Act that would prohibit Federal Reserve banks from directly providing certain products or services to individuals and ban the use of CBDCs for monetary policy and other purposes.