Reps. Bill Foster (D-Ill.) and French Hill (R-Ark.) recently introduced legislation directing the Federal Reserve to work with other agencies to study and issue a report on central bank digital currencies.
Details: Under the Central Bank Digital Currency Study Act (H.R. 2211), the Fed would provide recommendations to Congress on feasible models for developing a CBDC to help policymakers discuss its potential benefits and challenges.
More: “As more countries explore and research CBDC, we must ensure that America does not fall behind,” Hill said.