The U.S. House of Representatives has taken out any mention of a digital dollar, in the revised version of the “Take Responsibility for Workers and Families Act“.
The Act, which previously contained references to a digital dollar in its direct stimulus payments section, no longer does.
The bill which was introduced last week by the House in partnership with the Federal Reserve and member banks is aimed at reimbursing U.S residents to assist in their expenses as a result of the current COVID-19 pandemic which has halted several businesses indefinitely.
The bill states that all residents in the U.S. will be entitled to $1,500 each but individuals with income above $75,000 and couples with income above $150,000 are to refund the incentive. However, the 1,404-page draft only shows a few details on how the payments will be implemented.
House Speaker Nancy Pelosi (D-Calif), introduced the bill on Monday without any mention of the digital dollar. However, another bill passed by Rep. Maxine Waters (D-calif) still has provisions for the digital dollar. Reportedly, the latter bill dubbed “Financial Protections and Assistance for America’s Consumers, States, Businesses and Vulnerable Populations” will also be revised and any mention of the digital dollar will be excluded as well.
This somewhat puts a damper on the possibility of a digital dollar, as expressed recently to the House, by Federal Reserve Chairman Jerome Powell.
Image Credits: Pixabay
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