Yellen Support for CBDC Puts More Pressure on Fed
Treasury Secretary Yellen today reversed Treasury indifference to a U.S. digital dollar in favor of strong, if cautionary, support of a central bank digital currency (CBDC). Surely fueling Democratic pressure on Chairman Powell to accelerate CBDC efforts and reconsider the still more sweeping “FedAccount” approach (see FSM Report CBDC), Secretary Yellen said that CBDC might well enhance financial inclusion and enable faster, safer, and cheaper payments.