The lawmakers are reacting to whistleblower testimony highlighted in a report by the House Judiciary Committee and Select Subcommittee on the Weaponization of the Federal Government.
Sanctions imposed on Russia under the Biden administration, following Russia's military action in Ukraine, have shaken the foundation of the U.S. dollar's global dominance.
"Ten banks working with an organization that is part of the Federal Reserve Bank of New York recently participated in a test for 12 weeks of an interoperable digital money platform that operates exclusively in U.S. dollar," a bill analysis stated.
Chairman Comer stated, “ESG principles have become a progressive scheme pushed by radical left-wing groups to pressure large and small businesses to adopt policies that routinely undermine performance.”
The European Central Bank is in the final stage of investigating the digital euro project, which aims to create a digital currency accessible to all citizens of the euro area.