- Republican members write a letter to the U.S Department of Justice.
- The letter seeks to find out whether the legislation needs amendments to adopt CBDC.
- The appropriate place for discussion on whether authorizing legislation is necessary is in the legislative branch, states the letter.
On October 5, Republican members, referred to as GOP (Grand Old Party) of the U.S. House Financial Services Committee, wrote a letter to the U.S Department of Justice requesting a copy of the assessment it issued on Ensuring Responsible Development of Digital Assets.
Moreover, the letter addressed to U.S. Attorney General Merrick Garland seeks to find whether the legislation would need any amendment to adopt Central Bank Digital Currencies (CBDC) as per the existing Executive Order.
#NEW: @PatrickMcHenry, @RepFrenchHill, and members of Committee Republicans' Digital Asset Working Group are demanding Attorney General Garland provide his assessment on the @federalreserve's authority to issue a #CBDC. Read the letter https://t.co/RW3k49587e pic.twitter.com/aSUrHy2CZB— Financial Services GOP (@FinancialCmte) October 5, 2022
In addition to requesting a copy of the assessment, the Republicans did not forget to include a stanza of appreciation for the effort taken to examine the effects that CBDC could have on the Federal Reserve and its monetary policy.
In particular, the republicans’ letter appreciated the Department of Justice for considering the potential threat to the existing payment system. It further applauded the Department of Justice for assessing the impact it could have on Americans’ privacy, civil liberties, and security.
However, the letter argued that the “appropriate place for the discussion” of legislation on CBDC was the U.S. legislative branch, not the Federal Executive Department (Fed).
The letter stated:
The appropriate place for discussion on whether authorizing legislation is necessary, is in the legislative branch.
As per the letter, the Supreme court has given the authority to Congress to regulate each phase of currency. Given this scenario, the Republicans think Congress may charter banks and grant them the rights to issue circulating notes, which could restrain the circulation of notes not issued under its authority.
Finally, the letter signed by eleven republicans concludes by giving the Department of Justice a time span of ten days to provide the department’s assessment.
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