A New Bill Blocks Federal Reserve

There’s a new bill blocking the Federal Reserve, and below, you can check out the latest reports about this.

A new bill is being introduced by a Congressman representing West Virginia’s second district. This bill aims to prevent the Federal Reserve from conducting any experiments related to the use of a central bank digital currency (CBDC).

Congressman Alex X. Mooney has introduced the “Digital Dollar Pilot Prevention Act” via a press release. The primary objective of this act is to eliminate a loophole that could enable the Federal Reserve to carry out a pilot program to assess the viability of issuing a CBDC.

“This bill would prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC.”

As per the official statement, over a dozen House Republicans have pledged to act as primary co-sponsors of the proposed legislation.

Mooney said the following:

“Congress cannot give an inch when it comes to CBDCs. CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent.”

He continued and said this:

“That’s why closing this pilot program loophole is so important – to prevent the Federal Reserve from bypassing the will of Congress. I am proud to introduce this legislation to do exactly that.”

In the press release, it is stated that House Republicans firmly believe that the Fed does not possess the legal power to introduce a CBDC without Congress’ consent.

The release also highlights the significant concerns surrounding privacy and government surveillance that arise with the implementation of CBDCs.

“Right now, China is circulating its CBDC as part of a ‘pilot’ program which will be used to monitor the transactions of its people and restrict banking access to government dissenters. Legislation is needed to ensure that the Federal Reserve cannot make an end run around Congress and issue a CBDC as part of any pilot program while stopping its current development dead in its tracks.”