Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Ted Budd 06/19/24
U.S. House of Representatives 05/21/24
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
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
Federal Reserve 05/11/24
Basel Committee on Banking Supervision 03/28/24
Federal Reserve, Justice Department, Treasury Department 03/22/24
BIS Committee on Payments and Market Infrastructures 02/28/24
Letter to Regulators 01/30/24
FinCEN 01/23/24
Federal Reserve 11/27/23
IRS 11/13/23
Federal Reserve 10/20/23


Title Committee Presenter Date
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
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

ICBA Commends House Passage of Bill Barring Creation of U.S. Central Bank Digital Currency

May 23, 2024

Washington, D.C. (May 23, 2024) — The Independent Community Bankers of America (ICBA) today commended members of the House of Representatives who successfully voted to pass ICBA-advocated legislation that would restrict the ability of the federal government to introduce a U.S. central bank digital currency.

“ICBA and the nation’s community banks commend House members for passing legislation to bar the Federal Reserve from issuing a U.S. CBDC to consumers, which would disintermediate community banks, reduce credit availability, and undermine consumer privacy,” ICBA President and CEO Rebeca Romero Rainey said. “The CBDC Anti-Surveillance State Act — which was a key community banker grassroots advocacy issue during the recent ICBA Capital Summit — would avoid the unnecessary risks to consumers and small businesses that a U.S. CBDC would pose, and we encourage Congress to continue advancing this important legislation.”

The CBDC Anti-Surveillance State Act (H.R. 5403) — introduced by House Majority Whip Tom Emmer (R-Minn.) — would prohibit the Federal Reserve Banks from offering products or services directly to individuals, maintaining individual accounts, or issuing a CBDC to individuals. The legislation also would bar the Federal Reserve and Treasury Department from issuing a CBDC without congressional authorization.

ICBA has repeatedly expressed opposition to the creation of a U.S. CBDC, recently requesting from U.S. agencies federal records on whether legislative changes are required to issue a U.S. CBDC. As ICBA has said in a written statement to Congress, in letters to the Fed and White House, and in an American Banker op-ed, a U.S. CBDC would harm community banks’ access to deposits and ability to lend funds to support economic growth while threatening the health of the U.S. financial system.

ICBA will continue to strongly oppose the creation of a U.S. CBDC and to support final passage of the CBDC Anti-Surveillance State Act.

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at