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ABA: The American Bankers Association

ABA Statement on Federal Reserve CBDC Discussion Paper

“The Federal Reserve’s CBDC discussion paper highlights a growing recognition that a U.S. CBDC could fundamentally reshape our banking and payments system which remains the envy of the world, and these implications require a careful weighing of the real-world costs and benefits before any decision to move forward.

“America’s banks play an important role in the economy and financial markets. They provide a broad array of essential financial and economic functions, including safekeeping of deposits, making loans and facilitating payments. Deposits are banks’ primary funding source for the lending and investment activities that are at the heart of U.S. economic growth. Whether supporting a small business, major infrastructure project or a new homeowner, banks provide the lending their customers and communities depend on. Policymakers would need to show that a U.S. CBDC would somehow improve upon this reliable, tested retail banking system that serves our communities and our economy so well, and we believe it will be very difficult to make that case. As the report notes, Congress would also need to approve any decision to move forward.

“We recognize the importance and complexity of this discussion and appreciate the Federal Reserve's request for public comment on their report. We look forward to sharing the views of our members across the country.”


About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.6 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.4 trillion in deposits and extend $12 trillion in loans.

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