
Digital Dollars And FedAccounts Could Speed Up Future Stimulus Checks
Some lawmakers have proposed additional stimulus checks, with members of Congress and president Donald Trump indicating further stimulus may be necessary to support Americans and businesses through coronavirus-induced lockdowns.
If future stimulus measures are put into place, the U.S. might use so-called digital dollars and FedAccounts to distribute it.
Congresswomen Rashida Tlaib (D-Mich.) and Pramila Jayapal (D-Wash.) last week introduced a new proposal to have the federal government issue $2,000 per month to residents by minting a pair of $1 trillion coins and using these to back the payments.
“A one-time, $1,200 check isn’t going to cut it,” Rep. Ro Khanna (D-CA) has said, introducing a similar proposal with Rep. Tim Ryan (D-OH).
“Americans need sustained cash infusions for the duration of this crisis in order to come out on the other side alive, healthy, and ready to get back to work.”
Tlaib and Jayapal’s proposed Automatic BOOST to Communities Act (ABC Act) outlined how Congress could authorize the U.S. Federal Reserve to create FedAccounts so money created to support Americans and businesses could be deposited directly into accounts, bypassing check printing or bank account wire transfers.
“The impetus for a digital dollar is not because of one country, but rather the need for Americans to compete and interact in the new ‘cryptosphere’ of money and value, which is global,” Coley added.
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