The U.S. Chamber of Commerce appreciates the opportunity to comment on the Federal Reserve Board’s discussion paper on “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The discussion paper examines the pros and cons of a potential U.S. central bank digital currency, or CBDC, and the Federal Reserve Board invites comments from the public on how a CBDC could improve the safe and effective domestic payments system. The Chamber does not offer an opinion for whether the Federal Reserve should issue a U.S. CBDC. We have long respected and advocated to protect the independence of the Federal Reserve’s role in implementing monetary policy. The purpose of our comments is to provide the perspective of the broader business community as the Federal Reserve weighs the implications of a U.S. CBDC for the payments system and global economy.