ICBA requests federal records on CBDC authority

ICBA filed a Freedom of Information Act request for federal records related to whether legislative changes are required to issue a U.S. central bank digital currency.

FOIA Filing: ICBA noted that a 2022 executive order from President Joe Biden directed the U.S. attorney general, Treasury secretary, and Federal Reserve chairman to report on whether congressional action is needed for the U.S. to issue a CBDC, should it be deemed appropriate and in the national interest. That report has never been made public.

U.S. State of Play: The Fed is researching the merits of a U.S. CBDC while Congress determines whether to permit the Fed to issue a digital dollar. Fed Chair Jerome Powell has repeatedly said congressional authorization is needed for his agency to issue a CBDC.

ICBA View: ICBA has repeatedly expressed opposition to the creation of a U.S. CBDC and supports the CBDC Anti-Surveillance State Act (S. 3801/H.R. 5403), which would prohibit the Federal Reserve Banks from offering products or services—including CBDCs—directly to individuals.