Spearheaded by Ted Cruz, Republican Senators Aim to Restrict Federal Reserve’s CBDC Launch
Republican senators, led by Texas Senator Ted Cruz, are actively working to limit the Federal Reserve’s ability to introduce a Central Bank Digital Currency (CBDC). Cruz, along with his colleagues Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), Mike Braun (R-Ind.), and Kevin Cramer (R-N.D.), is set to propose the Central Bank Digital Currency Anti-Surveillance State Act. Their aim is to make CBDCs a significant topic of discussion during the 2024 presidential race, engaging both voters and candidates.
The proposed legislation argues that the Federal Reserve should not be allowed to issue a CBDC to Americans without obtaining Congressional approval. The concerns raised include worries about privacy and financial autonomy, particularly among conservative critics who fear that a CBDC could enable the government to monitor and potentially control individuals’ financial transactions.
On the other hand, the Biden administration has granted authorization for the Federal Reserve to explore the potential benefits of implementing a CBDC. The goal is to enhance payment efficiency and accessibility. However, no final decision regarding implementation has been made at this time.
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