Letters and Testimonies

Letters to Congress

Title Recipient Date
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Securities and Exchange Commission 05/08/23
CFPB 05/02/23
Bureau of the Fiscal Service 04/03/23
Office of Science and Technology Policy 03/03/23
Federal Reserve 02/13/23
Financial Stability Board 12/15/22
Treasury Department 11/04/22
Treasury Department 08/08/22
CFPB 08/01/22
Commerce Department 06/29/22


Title Committee Presenter Date
Senate Banking Committee Written Statement 02/13/23
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20

Payments News

Treasury lays out objectives of CBDC working group

March 02, 2023

A Treasury-led interagency working group charged with advancing work on a possible U.S. central bank digital currency has narrowed its objectives into three key policy areas, Treasury Under Secretary for Domestic Finance Nellie Liang said.

Key Objectives: Speaking in Washington, Liang said the CBDC Working Group’s objectives focus on:

  • Global financial leadership, including the global role of the U.S. dollar.
  • National security and the U.S. use of sanctions and other financial measures against threats.
  • Protecting privacy, minimizing the risk of illicit financial transactions, and promoting financial inclusion.

More: Liang noted that the FedNow Service scheduled to launch this summer is an alternative option for upgrading the legacy capabilities of central bank money. She also reiterated that the Federal Reserve has emphasized that it would only issue a U.S. CBDC with the support of the executive branch and Congress.

ICBA Position: ICBA opposes the creation of a U.S. CBDC, arguing that it would disintermediate community banks and pose privacy risks without improving on superior payment alternatives, such as FedNow. ICBA in September released polling conducted by Morning Consult indicating consumers support a regulatory framework for digital assets and are skeptical of the creation of a U.S. CBDC.

Next: Friday is the deadline to respond to a White House Office of Science and Technology Policy request for information on a National Digital Assets Research and Development Agenda. ICBA will submit a response by the deadline.