Maxine Waters Slams Republican Bill Hindering U.S. Progress on CBDC
The U.S. House Financial Services Committee is currently a battleground for discussions concerning the possible launch of a Central Bank Digital Currency (CBDC) by the Federal Reserve.
Today, Maxine Waters, a Democratic representative from California, sharply criticized a bill reintroduced by Republican Rep. Tom Emmer of Minnesota. The bill is looking to prevent the Federal Reserve from creating a CBDC.
Last week, Republican Rep. Tom Emmer of Minnesota rolled out the "CBDC Anti-Surveillance State Act," also known as HR 5403. According to a statement from Emmer, this bill, which is supported by 50 Republican co-sponsors, would prevent the Federal Reserve from directly issuing a CBDC to individuals.
Additionally, it would stop the Fed from indirectly making a CBDC available through a third party.
Waters, who has served as a former chair of the Committee, voiced concerns that the bill's partisan nature could hamper technological advancements in finance and put the U.S. at a disadvantage globally.
"Unfortunately, Republicans are marking up one bill that is not bipartisan. It will keep the United States behind other countries, including China, as they race forward to develop a global standard for central bank digital currencies," she warned. "At this point, nobody fully understands the potential benefits and challenges of CBDCs, or how their implementation could affect the preeminence of the U.S dollar and global finance more broadly. That is why the Biden Administration and the Federal Reserve are researching this."
Waters further argued that the bill put forth by the Republicans could slow down ongoing research efforts, which in turn could affect the country's ability to keep up with financial technological changes.
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