Fed's Brainard Urges Focus On Future In Digital Dollar Debate

By Jon Hill (May 26, 2022, 9:06 PM EDT) — Federal Reserve Vice Chair Lael Brainard told House lawmakers on Thursday that developing a U.S. central bank digital currency could be important for maintaining dollar dominance in international capital flows and facilitating safer private sector innovation in payments, offering a bullish case for moving forward.

Testifying at a House Financial Services Committee hearing, Brainard stressed that the Fed still has not made any decision about whether to build a U.S. CBDC, or digital dollar, and would do so only with strong support from Congress and the White House, “ideally in the form of authorizing legislation.”

But while Brainard, who was sworn…

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