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Sen. Mike Lee (R-Utah) introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency.
New Bill: The No CBDC Act would bar the Fed or any other agency from implementing a direct-to-consumer or intermediated CBDC model. Lee said a U.S. CBDC would centralize the government’s control over the economy, pose risks to consumer privacy and liberty, and convert banks to wallets instead of private lending institutions.
Bill Developments: The House Financial Services Committee is deliberating legislation on stablecoins, with congressional authorization of a U.S. CBDC among the provisions under consideration. The committee decided not to consider the stablecoin bill at a July markup after ICBA expressed concerns that it was not publicly vetted, as reported by The Wall Street Journal, Politico, and Reuters.
ICBA Position: In recent comment letters to the Treasury and Commerce departments, ICBA said Congress should not authorize the creation of a U.S. CBDC, citing the risks of a digital dollar to existing banking and payments systems.
Previous News
Lead co-sponsors of ICBA-advocated legislation to allow legal cannabis-related businesses to access banking services said they are working with key senators to advance the House-passed bill in the Senate.
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The Consumer Financial Protection Bureau said the Fair Credit Reporting Act requires credit report furnishers to investigate potential inaccuracies in consumer credit reports.
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Community bankers can continue using ICBA’s Be Heard grassroots action center to oppose legislation that would create new credit card routing mandates that expand on Durbin Amendment payments interventions.
ImageSep 15, 2022
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