Republicans Against a Central Bank Digital Currency (CBDC)• by Martin Armstrong
Ted Cruz (R-Texas), backed by Mike Braun (R-Ind.) and Chuck Grassley (R-Iowa), proposed S. 887: "A bill to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, and for other purposes." Cruz said that CBDC could harm the dollar's dominance, prevent innovation, and violate financial privacy. Furthermore, he said that such a currency could enable the Fed to "mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely."
The Federal Reserve is highly considering this option, and Powell has mentioned it numerous times in his speeches. This is part of the move toward a cashless society as the government continually hunts down its citizens for taxes. The Founding Fathers fought to prevent direct taxation. Yet, the failing current government is drowning in debt, so they are after every possible penny they can find. A CBDC would effectively provide the government with a glimpse of all your purchases. They could easily de-bank an individual or institution without a middleman or prevent someone from making specific purchases.
Ron DeSantis (R-FL) also put forward legislation to prevent Floridians from a CBDC. The governor accused the Biden Administration of trying to inject "woke ideology into the financial sector" and said that the current administration is promoting "a central control state." "Our money says In God We Trust. The central bank digital currency changes that to In Government We Trust. That's wrong and I am grateful for the Governor's continued pushback of an out-of-control DC bureaucracy," said Foundation for Government Accountability CEO Tarren Bragdon.