Mike Flood: “This bill is necessary because a retail central bank digital currency would be a terrifying and powerful tool in the…”

“This bill is necessary because a retail central bank digital currency would be a terrifying and powerful tool in the hands of any government entity. I would like everybody in this Chamber to think and picture the politician they dislike the most in their mind. Now, imagine that person and all the ill intentions you ascribe to them with the power to monitor, restrict, or even halt the financial transactions of their political opponents. It is actually a horrifying thought, and it cuts to the core of why we need to reject a retail CBDC in this country. Some of my colleagues across the aisle claim that arguments like this are alarmist. However, they fail to realize that once a CBDC is built, even if it was built with good intentions, it will endure through every political twist and turn our country has ahead, for better or for worse. President Reagan famously said, freedom ``is never more than one generation away from extinction.'' If we issue a retail CBDC in this country, freedom would never be more than one election away from extinction. Mr. Chair, I urge my colleagues to support this bill. {time} 1230”