On the recordMay 23, 2024
Mr. Chair, my amendment adds the sense of Congress that the Board of Governors of the Federal Reserve System should not be permitted to develop, create, or implement a central bank digital currency or use any such tool to implement monetary policy. A major concern surrounding a government-run CBDC is the potential for the government to block transactions and exert control over people's finances. Not only that, but it would give the Federal Government unprecedented power to intervene in private transactions, deciding who can buy and sell and what they can buy and sell. It would also give the government unprecedented access to information about their daily lives. The government could keep a record of every transaction. Mr. Chairman, I reserve the balance of my time.
