House Blocks Federal Reserve from Creating Digital Dollar

The House passed a bill preventing the Federal Reserve from issuing a central bank digital currency (CBDC) without explicit congressional authorization, with a 216-192 vote largely along partisan lines. The bill, introduced by House Majority Whip Tom Emmer, reflects Republican concerns about potential government misuse of a CBDC, despite the Fed's lack of current plans to issue one. Democrats argue that the bill threatens U.S. dollar primacy and stifles innovation.