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Jay Powell U.S. economy

Powell pushes back on GOP’s digital dollar attacks

Federal Reserve Chair Jay Powell pushed back on attacks from top House Republicans about the U.S. central bank’s work on a digital dollar – a policy bogeyman for banks and crypto alike.

We asked Powell today to clarify what the Federal Reserve is doing with a central bank digital currency these days. Lawmakers like House Majority Whip Tom Emmer have claimed policymakers are laying the groundwork for a digital dollar without congressional approval.

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