While the latest version of the proposed economic stimulus bill to respond to the economic crisis caused by the Coronavirus in the United States has not named a digital dollar, one senator is struggling to keep the digital dollar in the bill.
According to the CoinTelegraph, yesterday the draft of an economic stimulus bill in the US Senate was reviewed, which included the requirement to provide a digital dollar. The bill states that all Federal Reserve banks should support the digital dollar wallet.
But late last night, the Democratic Speaker of the House of Representatives introduced an updated version of the bill, “The Law on Acceptance of Workers and Families”. The new version of the bill contains 1400 pages, but not all digital dollar names are listed on all of these pages.
While other House Democrats have removed the digital dollar from the economic stimulus bill, the House Financial Services Commission, led by California’s Sen. Maxine Waters, on March 23, passed laws on the matter. It put forward a firm commitment to implement a digital dollar plan to send aid to workers and families.
In a statement on the law, Waters outlined the importance of complementary actions on 269 pages:
As the nation’s constituents, it is our job to ensure that all our workers, consumers, investors and the economy of our country have the resources to endure this unprecedented crisis. So I urge Senate and congressional leaders to incorporate these important parts into the soon-to-be-approved economic stimulus law.
In the Senate, at least one senator is trying to keep the digital dollar in fiscal stimulus laws. Senator Sherrod Brown, an Ohio lawmaker and a member of the House Banking Commission, has proposed another bill that is almost identical to the previous one.
In a statement on the bill, Brown urged his colleagues not only to see it as an independent law but also to take into account the responsibilities of workers and families. He said:
My proposed bill allows every American to set up a free bank account without having to rely on cash-strapped Czechs who provide expensive services to access their hard-earned money.
The bill proposes that the bill allow everyone to have a wallet called the FedAccounts for the digital dollar. A federal account is a free bank account that can be used to receive and pay for cash. These federal accounts must be accessible at local banks and post offices.
Crypto activists may remember Senator Brown for his role in meetings on the Libra review of Facebook’s Cryptocurrency in July.
At that point, Brown had been critical of Libra but expressed interest in the role of digital payments.
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