Washington, D.C. — BPI President and Chief Executive Officer Greg Baer issued the following statement in advance of the U.S. House Committee on Financial Services Task Force on Financial Technology hearing titled, “Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy, and Financial Inclusion Implications of Central Bank Digital Currencies”:
The push for CBDCs is oddly timed given the revolution in real-time payments that is already underway, and its proponents ignore or minimize the reduction in lending and economic growth that would come if consumers and businesses could instantly move their money from bank deposits into a digital mattress. Major policy problems remain to be solved.Greg Baer, BPI President and CEO
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The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth
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