U.S. Sen. Ted Cruz (R-Texas), joined by Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Mike Braun (R-Ind.), on Monday filed legislation to halt efforts by the Biden administration to issue a central bank digital currency (CBDC):
About the bill, Sen. Cruz said, “The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC. I’m proud to lead the fight in the Senate to restrict the Federal Reserve’s exploration of and attempt to introduce a CBDC to the American economy.”
Sen. Hagerty said, “From Operation Chokepoint to recent reports of political and religious profiling by FinCEN, it is clear that government bureaucrats have been far too willing to exploit the financial system to advance political agendas and target Americans. This bill blocks the issuance of a central bank digital currency, preventing CBDC from being used as a tool to surveil and violate Americans’ privacy.”
Sen. Rick Scott said, “Big government has no business spying on Americans to control their personal finances and track their transactions. It is a massive overreach and a non-starter for me. That is why I am proud to join Senator Ted Cruz to introduce the CBDC Anti-Surveillance State Act to stand up against this invasive practice and keep Big Brother out of your bank account.”
Sen. Budd said, “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal. A CBDC would open the door for the federal government to surveil and control the spending habits of all Americans. Any push to establish a CBDC must be confronted and stopped, and that’s why I’m proud to join Senator Cruz’s effort to do just that.”
A CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government not only significant transaction-level data down to the individual user, but also the ability to program the CBDC to choke out politically unpopular activity.
The CBDC Anti-Surveillance State Act would prohibit the Federal Reserve from issuing a CBDC directly to anyone, ensuring the Federal Reserve can’t mobilize itself into a retail bank. It would also bar the Federal Reserve from issuing a CBDC indirectly to individuals through financial institutions or other third parties, as well as prevent the Federal Reserve from using a CBDC as a tool to implement monetary policy and control the economy. Finally, the bill would require authorizing legislation from Congress for the issuance of any CBDC.
Read the legislation here.
We already have a 100% digitally surveilled economy. Every credit card purchase, international transaction, every PayPal payment, Venmo goes through the Fed. You have to understand that every politician actually works for the Federal Reserve Bank. Blockchain and crypto currencies literally would put the Federal Reserve Bank and their “banking system” out of business because once it goes through the Ripplenet the Fed can’t see it or get to it. It’s why the SEC sued Ripple to get a back door in like when the USG sued Bill Gates back in the day. Contact me I’ll explain.
Ted Cruz’s wife worked for the Federal Reserve Bank. She worked for the Rothschilds.