Rick Scott & Ted Cruz Introduce Legislation To Halt Biden’s Plan To Issue A Central Bank Digital Currency

Florida U.S. Sen. Rick Scott joined fellow Republican Sen. Ted Cruz, Sen. Bill Hagerty (Tenn), Sen. Ted Budd (NC) and Sen. Mike Braun (Ind), to halt efforts by the Biden administration to issue a central bank digital currency (CBDC).

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.