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Stock photo of Lael Brainard Lael Brainard, governor of the U.S. Federal Reserve on Thursday, Jan. 13, 2022.

The Federal Reserve is considering ways to blunt any impact on commercial bank deposits if the U.S. government decides to issue a digital dollar, according to the central bank’s vice chair.

While some decline is unavoidable, the Fed is looking at ways to avoid a significant decrease in deposits, Lael Brainard said Thursday. Industry lobbying groups including the American Bankers Association (ABA) and the Bank Policy Institute (BPI) have asked the government to hold off on launching a central bank digital currency, or CBDC, on concerns that it’d sap money from the banking system and make credit less available to businesses and households.

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