President Donald Trump declined to sign a significant housing law in the United States, which included a clause prohibiting the Federal Reserve from introducing a central bank digital currency (CBDC). Both the House of Representatives and the Senate had substantial bipartisan support for the bill.
Trump said that Congress should first enact a legislation requiring individuals to establish their citizenship before taking part in federal elections, even though he opposed the idea for various reasons.
Nevertheless, as the president failed to veto the measure, it has now been enacted into law. Under the U.S. Constitution, any bill that a president fails to sign within 10 days of its delivery to him – and while Congress is still in session – becomes law regardless.
The new law ensures that the Federal Reserve will not be able to issue a retail digital dollar in accordance with the original terms of the housing bill. This is yet another sign that the U.S. is taking steps to ban the creation of a CDBC.
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