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.