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House members alarmed by the prospects of the central bank creating a digital currency

Politico's Zachary Warmbrodt reports: "Reps. French Hill and Bill Foster are calling on Federal Reserve Chairman Jerome Powell to weigh in on the prospects of the central bank creating a digital currency, citing potential risks from competitors launched by other countries and the private sector, including Facebook's Libra.

"In a letter to Powell, Hill (R-Ark.) and Foster (D-Ill.) asked whether the Fed is exploring the development of a U.S. dollar digital currency and to outline the potential pros and cons. .. The lawmakers said they were concerned that the primacy of the U.S. dollar could be in jeopardy from digital fiat currencies that might be adopted in other countries, as well as private sector competitors including Libra."

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