The letter, dated Wednesday, called for Brainard to clarify what she meant by support that would justify the Fed’s move – whether that could be in the form of non-binding communications, like letters or executive orders. “Is it your view the Federal Reserve may not establish an intermediated CBDC model without direct authorization from Congress?” the letter asked. It also requested more information about the Fed’s position on whether it could directly manage digital accounts for individuals – a key point for Republicans who insist that the financial industry maintain a central role.
