Press Releases

McHenry, Hill, Digital Asset Working Group Republicans Request DOJ Assessment on CBDC

Washington, October 5, 2022 -

House Financial Services Committee Republican Leader Patrick McHenry (NC-10), Rep. French Hill (AR-02), and all members of the Committee Republicans’ Digital Asset Working Group today sent a letter to Attorney General (AG) Merrick Garland requesting his assessment of whether legislation is necessary for a U.S. Central Bank Digital Currency (CBDC).

To read the full letter, click HERE.

“We write regarding the Department of Justice’s (Department) role in recent reports issued pursuant to the Executive Order on Ensuring Responsible Development in Digital Assets and to request a copy of the Department’s “assessment of whether legislative changes would be necessary to issue a CBDC” as required by the Executive Order,” said the members.

They continued, “[T]he appropriate place for the discussion on whether authorizing legislation is necessary, is in the legislative branch… Both Federal Reserve Chairman Powell and Vice Chair Lael Brainard have also testified on the need for authorizing legislation.”

The members conclude, “We request that you provide your assessment and any corresponding legislative proposal to the Committee no later than October 15, 2022.”


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