Insights for Navigating an Uncertain World
The House Financial Services Committee approved a bill (https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408971) to prevent the Fed from creating US central bank digital currency (CBDC). The bill will now advance to the House of Representatives.
The “Digital Dollar Prevention Act”: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408971
I have not yet read this, but felt it was important to share.
Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times. View more posts
Can the US government prevent the FED from issuing or converting to a CBDC? As I understand it the government can’t interfere with the FED or monetary policy. Just curious if I understand this correctly.
The US government ceded authority regarding monetary issues to the Federal Reserve. They have the authority to take it back or limit activities of the Federal Reserve…if there was the will to do so.