During congressional debates over the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act), a relatively novel idea was
the focus of proposals from the Senate and House of
Representatives: "digital dollars." Several legislative
proposals introduced the idea to address the delay between passage
of the CARES Act and distribution of direct stimulus payments to
taxpayers, one of the pillars of the act. While the concept did not
find its way into the final bill, its inclusion in proposals from
both the Senate and House indicate that the viability – and
specific application – of a central bank digital currency may
be emerging.
In the Senate, Ranking Senator Sherrod Brown (D-OH) introduced
the Banking for All Act (BAA) on March 24, 2020.
Senator Brown touted the BAA as an avenue for rapid payment
of stimulus checks to individuals. Specifically, the BAA would
allow all residents and citizens of the United States, and
businesses domiciled in the United States, to
