Bloomberg Law
Oct. 2, 2019, 8:47 PMUpdated: Oct. 3, 2019, 4:06 PM

Lawmakers Ask Fed to Explain Views on U.S. Dollar Digital Currency (Correct)

Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

Senior House Financial Services Committee members asked the Federal Reserve to explain its views on the idea of taking up “the project of developing a U.S. dollar digital currency.”

“The nature of money is changing,” and more than 40 countries have already developed or are working on their own national digital currencies, Reps. Bill Foster (D-Ill.) and French Hill (R-Ark.) said in a Sept. 30 letter to Federal Reserve Board Chairman Jerome Powell.

“We write today to hear your views regarding this issue at this critical juncture,” they said.

The two members lead the committee’s Artificial Intelligence Task Force. Hill ...