The panel’s top Democrat, Rep. Maxine Waters (D-Calif.), voiced her opposition.
The Senate, where Democrats have a majority, may provide significant opposition.
A measure to prevent efforts to establish a CBDC in the United States has been approved by a House committee. Concerns about impeding development and U.S. competitiveness in the international financial sector were at the forefront of the arguments that the contentious decision sparked on Capitol Hill.
The committee, which Rep. Patrick McHenry (R-N.C.) chairs, pushed for the measure to need express approval from Congress for any CBDC development. Furthermore, the Act prohibits any Federal Reserve projects that may be used for monitoring, with the goal of protecting the privacy of citizens.
Strong Opposition
However, the panel’s top Democrat, Rep. Maxine Waters (D-Calif.), voiced her opposition to the decision. She said the Republicans’ anti-innovation posture would cause the United States to fall behind other countries. Pa
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