SLC Times

Senator Mike Lee has reintroduced the No CBDC Act to prevent the Federal Reserve from implementing a Central Bank Digital Currency (CBDC) in the United States. This move aims to make permanent former President Donald Trump's executive order that banned federal agencies from creating a CBDC. The legislation is co-sponsored by Senators Ted Cruz and Rick Scott, with Representative Andy Ogles introducing a companion bill in the House.

Sen. Lee expressed concerns about the potential implications of a CBDC, referencing China's digital Yuan trials where citizens' money was reportedly canceled after a set period. "The United States doesn't need to create a Central Bank Digital Currency to know it is a bad idea," said Sen. Lee. He emphasized that his bill seeks to protect Americans from similar government intrusions.

Rep. Ogles also voiced strong opposition to CBDCs, stating, "CBDCs are nothing more than a tool for tyrants to intimidate, control, and surveil the activities of American citizens." He added that he is honored to work alongside Sen. Lee on this initiative.

The Federal Reserve had previously begun exploring a framework for CBDCs under Project Cedar during the Biden Administration. A CBDC could potentially alter financial institutions' roles and give the federal government insight into every purchase made using such currency.

Supporters of the No CBDC Act include Ryan Walker of Heritage Action, who highlighted concerns over financial privacy and government control: "Americans demand financial protection and privacy after facing the threat of unelected federal bureaucrats creating an invasive central bank digital currency."

Yaël Ossowski from Consumer Choice Center warned against merging state power with money through programmable digital currencies like CBDCs: "A Central Bank Digital Currency creates fully traceable and controllable digital money that has dastardly implications for civil liberties and economic freedom."

David Williams of the Taxpayers Protection Alliance commended Senator Lee's leadership in preventing what he described as "an entirely new tool of financial control and surveillance" by the government.