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Waters on Central Bank Digital Currencies: It Is Vital That Our Central Bank Has Powerful Tools to Achieve Its Mandate

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on National Security, International Development and Monetary Policy hearing entitled, “The Promises and Perils of Central Bank Digital Currencies.” 

Thank you, Chairman Himes for hosting this hearing, part of a series that this Committee has been holding on the policy, law, and regulation surrounding digital assets.  

The Federal Reserve is at the center of our response whenever the economy enters a recession, and thus, it is vital that our central bank has powerful tools to achieve its mandate. A central bank digital currency or CBDC is one potential tool.

In addition to economic matters, as the Fed considers CBDC adoption, Congress must also be mindful of how proposed models will affect the global influence of the U.S. dollar, advance efforts to fight financial crime, impact communities of color, enhance financial inclusion, and balance privacy with the transparency needed to defend the financial system from abuse.  

So, I look forward to the witnesses’ comments and yield back the remainder of my time.

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