A Congressman in West Virginia’s second district is introducing a new bill that would keep the Federal Reserve from carrying out experiments related to the use of a central bank digital currency (CBDC).
In a new press release, Congressman Alex X. Mooney introduces the “Digital Dollar Pilot Prevention Act,” which aims to close a loophole that would allow the Federal Reserve from running a pilot program designed to test the feasibility of issuing a CBDC.
“This bill would prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC.”
According to the press release, more than a dozen House Republicans have agreed to serve as original co-sponsors of the bill.
Says Mooney,
“Congress cannot give an inch when it comes to CBDCs. CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent.
That’s why closing this pilot program loophole is so important – to prevent the Federal Reserve from bypassing the will of Congress. I am proud to introduce this legislation to do exactly that.”
The press release also says that House Republicans have been clear in their stance that the Fed has no legal authority to issue a CBDC without the approval of Congress. According to the document, CBDCs raise major privacy and government surveillance concerns.
“Right now, China is circulating its CBDC as part of a ‘pilot’ program which will be used to monitor the transactions of its people and restrict banking access to government dissenters. Legislation is needed to ensure that the Federal Reserve cannot make an end run around Congress and issue a CBDC as part of any pilot program while stopping its current development dead in its tracks.”
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