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Spearheaded by Texas Senator Ted Cruz, Republican senators are making concerted efforts to restrict the ability of the Federal Reserve to launch a CBDC.
According to FOX Business, Cruz, alongside colleagues Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), Mike Braun (R-Ind.), and Kevin Cramer (R-N.D.), are set to propose the Central Bank Digital Currency Anti-Surveillance State Act.
The Republican senators are looking to make CBDCs a significant issue during the 2024 presidential race, initiating a topic of discussion among voters and candidates, as seen with presidential candidate Robert F. Kennedy Jr.
Senator Ted Cruz and four other senators are expected to introduce a new bill today called the Central Bank Digital Currency Anti-Surveillance State Act.
— Hotep Jesus (@HotepJesus) February 26, 2024
This is a companion bill to the one introduced in the House. They seek to limit the FED from launching a CBDC. pic.twitter.com/6nsOM7f38c
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The legislation contends that the Federal Reserve should not issue a CBDC to Americans without Congressional approval, citing concerns over privacy and financial autonomy.
Critics from conservative ranks argue that a CBDC could allow the federal government to monitor and possibly control Americans’ financial transactions.
Meanwhile, the Biden administration has authorized the Fed to explore the potential of a CBDC to enhance the efficiency and accessibility of payments. However, no decision to proceed with implementation has been finalized.
Read more: US CBDC debate heats up amid elections. Does the country need a digital dollar?