Republican lawmakers who don't want a Fed-issued CBDC are asking the Justice Department to release its report on whether the Fed can even issue a digital dollar. FinancialCmte nikhileshde reports
. Another report, which would detail whether Congress would have to authorize a CBDC or not, has yet to be published.
The latter report is what the lawmakers, who include the committee's ranking member, Rep. Patrick McHenry and French Hill ,The lawmakers believe that the Fed does not have the authority necessary to issue a CBDC, the letter said, which also pointed to requests from Fed Chair Jerome Powell and Vice Chair Lael Brainard calling on Congressional action.
"As you know, Congress’ authority over coining money is exclusive. The Supreme Court has recognized Congress’ power to coin money and regulate the value thereof, confirming Congress’ authority to regulate each phase of currency. Relatedly, Congress may charter banks and grant them the right to issue circulating notes, and it may restrain the circulation of notes not issued under its own authority," the letter said.
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