Posted 2/26/2024, 12:33:00 PM
Republicans Rally Against Fed Digital Dollar, Warning of Surveillance and Control
- Senate Republicans led by Ted Cruz plan to introduce legislation restricting the Federal Reserve's ability to create a central bank digital currency (CBDC)
- The bill argues the Fed lacks authority to issue a digital dollar without Congressional approval
- Republicans fear a digital dollar could enable government surveillance of citizen spending and expand Fed control over the economy
- The Biden administration supports CBDC research, seeing potential benefits, so anti-CBDC legislation faces challenges
- Opposition to CBDCs has become a Republican rallying cry ahead of 2024, with Trump and DeSantis speaking against digital dollars