The measure, backed by 31 Republican cosponsors, was referred to the House Financial Services Committee on August 3.
A new bill introduced in the House would permanently prohibit the Federal Reserve from issuing or creating a central bank digital currency, or CBDC (government-issued digital money). The legislation has support from 31 Republican cosponsors and was referred to the House Financial Services Committee on August 3. The proposal reflects continuing U.S. political resistance to a potential digital dollar, an issue that has split lawmakers over privacy, financial surveillance and the Federal Reserve's role in retail payments.