The House Financial Services Committee has been investigating the possibility of the Federal Reserve creating a Central Bank Digital Currency. In this episode, hear experts unpack the nuances and implications of this idea during three hearings, and discover how you can play a part in shaping the future of American currency.
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CD264: Cryptocurrencies and Blockchain
CD201: WTF is the Federal Reserve?
“Operation Choke Point reveals true injustices of Obama’s Justice Department.” Frank Keating. November 7, 2018. The Hill.
“Report: DOJ’s Operation Choke Point Secretly Pressured Banks to Cut Ties with Legal Business.” House Committee on Oversight and Government Reform Staff. May 29, 2014. U.S. House of Representatives.
“Repeal of Glass-Steagall Caused the Financial Crisis.” James Rickards. August 27, 2012. U.S. News & World Report.
September 14, 2023
Committee on Financial Services, Subcommittee on Digital Assets, Financial Technology and Inclusion
Witnesses:
Yuval Rooz, Co-Founder and Chief Executive Officer, Digital Asset
Paige Paridon, Senior Vice President and Senior Associate General Counsel, Bank Policy Institute
Christina Parajon Skinner, Assistant Professor, The Wharton School of the University of Pennsylvania
Dr. Norbert Michel, Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute
Raúl Carrillo, Academic Fellow, Lecturer in Law, Columbia Law School
27:35 Rep. French Hill (R-AK): Look, the Constitution is clear. Only Congress has the authority to coin money and regulate the value of such money. And we've heard the same from Fed officials, right before this committee, and most recently from Vice Chair for Supervision, Michael Barr, who last week told an audience in Philadelphia and I quote, "The Federal Reserve would only proceed with the issuance of a CBDC with clear support from the executive branch and authorizing legislation from Congress." The Biden Department of Justice agrees, saying, quote, "there would be substantial legal risks to issuing a CBDC without such legislation."
32:05 Rep. Stephen Lynch (D-MA): CBDC is just one type of publicly issued digital dollar and would be issued, backed, and regulated by the Federal Reserve and have the full faith and backing of the US government. This could serve as an alternative to existing forms of payments and have a benefit, including instant payment settlement, provide a medium for cross border transactions, and foster
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