ICBA expressed support for Senate and House legislation to restrict the Fed from offering a central bank digital currency or direct FedAccounts to consumers.
ICBA backs bills restricting U.S. CBDC, FedAccounts
April 05, 2022 / By ICBA
ICBA expressed support for Senate and House legislation to restrict the Fed from offering a central bank digital currency or direct FedAccounts to consumers.
ICBA expressed support for Senate and House legislation to restrict the Fed from offering a central bank digital currency or direct FedAccounts to consumers.
Bill Details: S. 3954 and H.R. 6415 would bar the Fed from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing CBDC directly to an individual.
ICBA Position: In letters to the lead sponsors, ICBA said:
It adamantly opposes proposals for the Fed to directly provision retail deposit accounts, known as “FedAccounts,” which would compete with community banks and raise privacy concerns.
A CBDC presents similar concerns by directly competing for bank deposits, which would reduce credit availability.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
