Washington, DC— Congressman Jim Himes (CT-04) today released a proposal for the issuance of a Central Bank Digital Currency (CBDC) by the Federal Reserve. In the white paper, Rep. Himes argues that along with many other benefits, the implementation of digital currency by the U.S. government could play a critical role in preserving the dollar’s role as the global reserve currency of choice.
“Over the last few years, we have seen other governments make real progress in establishing a central bank digital currency,” said Rep. Himes, “The longer the United States government waits to embrace this innovation, the further we fall behind both foreign governments and the private sector. It is time for Congress to consider and move forward with legislation that would authorize a U.S. CBDC. I hope that this white paper will contribute meaningfully to that dialogue.”
In January of 2022, the Federal Reserve issued a paper that described similar benefits of a CBDC. The paper noted that the Fed would not proceed with the issuance of a CBDC “without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.”
Congressman Jim Himes represents Connecticut’s 4th District, which includes the communities of Bridgeport, Darien, Easton, Fairfield, Greenwich, Monroe, New Canaan, Norwalk, Oxford, Redding, Ridgefield, Shelton, Stamford, Trumbull, Weston, Westport, and Wilton.