Political Quotes

“Mr. Chairman, I rise today to push back against what could become one of the greatest government surveillance threats of our time, a central bank digital currency, or CBDC. My amendment would simply prohibit funding for the CBDC Working Group led by the Treasury Department. A CBDC, commonly referred to as a digital dollar, would be issued and easily tracked by the Federal Government. Make no mistake, a Federal digital dollar can very easily be used to spy on American citizens and become a social credit system. In Communist China, the digital yuan is being used to spy on its citizens and crack down on dissent. Do not think for a second that the Biden administration would not use a digital dollar to track your gun purchases. House Republicans have been clear that the Federal Reserve does not have the authority to issue a digital dollar without an act of Congress, and we reaffirmed that in the Financial Services Committee, on which I serve. However, right now the Federal Reserve is contracting with the private sector to build potential digital dollars for the United States far beyond what could be considered traditional research. Early last year, President Biden issued an executive order directing government agencies to study creating a Federal digital currency, which led to the creation of this CBDC Working Group. This working group is vaguely tasked with supporting the Federal Reserve's central bank digital currency efforts.…”