FEDERALhearing transcript

Hearing on the Future of Central Bank Digital Currencies

Original title: THE PROMISES AND PERILS OF CENTRAL BANK DIGITAL CURRENCIES

January 1, 2021

digital currency monetary policy financial technology central banking national security

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The Frame

What this does

This hearing serves as a foundational legislative discussion on whether the U.S. should develop a government-backed digital currency, which could fundamentally change how citizens hold money and conduct financial transactions.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

American Bankers Association

The organization submitted a written statement regarding the potential impact of CBDCs on the banking sector.

National Association of Convenience Stores

The organization submitted a written statement regarding the impact of digital payment systems on retail transactions.

What changed

Last recorded activity January 1, 2021.

What's next

Next step not available in the current record.

Summary

The House Subcommittee on National Security, International Development and Monetary Policy held a on July 27, 2021, to examine the potential benefits and risks of Central Bank Digital Currencies (CBDCs). Experts and committee members discussed how technological shifts in payment systems might impact the U.S. economy and national security.

Key Facts

The hearing took place on July 27, 2021, in the Rayburn House Office Building.
The session was conducted as a hybrid hearing, allowing for both in-person and virtual participation.
The hearing focused on the 'promises and perils' of Central Bank Digital Currencies (CBDCs).
Five expert witnesses provided testimony regarding the economic and security implications of CBDCs.
Written statements were submitted for the record by the American Bankers Association, the National Association of Convenience Stores, and Public Citizen.

Frequently Asked Questions

What is a Central Bank Digital Currency (CBDC)?

While the document does not provide a formal definition, it refers to it as a digital form of money issued by a central bank, distinct from traditional cash or private digital payment systems.

Why is Congress discussing digital currencies?

Technological innovation over the last two decades has significantly changed how money and payment systems function, prompting lawmakers to evaluate the role of government-issued digital currency.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Early Congressional Interest in CBDCs

The hearing indicates that as early as July 2021, the House Financial Services Committee was actively investigating the transition from traditional cash to digital central bank alternatives.

Committee on Financial Services

Connected Entities

personRobert M. Baldwin“Witness, Head of Policy at Association for Digital Asset Markets”Map →

personJulia Friedlander“Witness, Senior Fellow at Atlantic Council”Map →

personJulia Coronado“Witness, President and Founder of MacroPolicy Perspectives”Map →

personAndrew Levin“Witness, Professor of Economics at Dartmouth College”Map →

personYaya J. Fanusie“Witness, Adjunct Senior Fellow at Center for a New American Security”Map →

personJim A. Himes“Chairman of the Subcommittee on National Security, International Development and”Map →

organizationCommittee on Financial Services“U.S. House of Representatives committee overseeing the hearing”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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