U.S. Congressman: Doesn’t Want the Fed to Take Over the Banking System via CBDC

According to The Block on June 16, during a hearing on the future of central bank digital currencies by the U.S. House Fintech Task Force, U.S. Congressman Anthony Gonzalez said, “I don’t think we want the Federal Reserve to take over the banking system.” Rep. French Hill agreed and said, “The Federal Reserve should not have direct accounts with individuals, and I find that worrisome.” It was noted that in the traditional financial system, the Federal Reserve does not typically interact with retail users. In addition, Rep. Tom Emmer said, “The concern is that the envisioned CBDC would actually transform the Fed into a consumer bank, which is not what we want.” Instead, he cited the Bitcoin network as an example, saying such a system “can only be achieved if it’s open, permissionless and private.”