Washington, D.C. — Today, Senator Ted Budd (R-NC) helped introduce the CBDC Anti-Surveillance State Act. The bill would stop federal efforts to issue a central bank digital currency (CBDC).
A CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government not only significant transaction-level data, but also the ability to program the CBDC to choke off politically unpopular activity.
The bill was led by Senator Ted Cruz (R-TX).
Senator Budd said in a statement:
“As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal. A CBDC would open the door for the federal government to surveil and control the spending habits of all Americans. Any push to establish a CBDC must be confronted and stopped, and that’s why I’m proud to join Senator Cruz’s effort to do just that.”
Senator Cruz said:
“The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC. I’m proud to lead the fight in the Senate to restrict the Federal Reserve’s exploration of and attempt to introduce a CBDC to the American economy.”
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