Cloud Introduces Bill to Make Federal CBDC Ban Permanent
By CU Today Staff —
WASHINGTON—Rep. Michael Cloud (R-TX) has introduced legislation that would permanently prohibit the Federal Reserve from issuing or creating a central bank digital currency, according to Texas GOP Vote.
The Permanent CBDC Ban Act would remove the Dec. 31, 2030, expiration date included in the 21st Century Road to Housing Act, which temporarily bars the Fed from issuing a CBDC, Texas GOP Vote reported.
“A Central Bank Digital Currency is the ultimate tool of surveillance and control. It is antithetical to the values of liberty and financial freedom that define this nation,” said Cloud. “The Federal Reserve should never have the power to monitor, restrict, or expire a single American’s money. A CBDC would hand them exactly that power. Congress must make sure that never happens,” concluded Cloud.
The bill has 30 original cosponsors, including Reps. Warren Davidson, Byron Donalds, Nancy Mace, Chip Roy, Keith Self and Greg Steube, according to Texas GOP Vote.
Originally reported by CU Today.