Nashville Standard

WASHINGTON—United States Senator Bill Hagerty (R-TN) and a group of his colleagues have introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, aimed at preventing the Biden Administration from issuing a central bank digital currency.

Senator Hagerty expressed his concerns about government overreach in financial matters, stating, “From Operation Chokepoint to recent reports of political and religious profiling by FinCEN, it is clear that government bureaucrats have been far too willing to exploit the financial system to advance political agendas and target Americans.”

Senator Ted Cruz echoed these sentiments, emphasizing the importance of protecting citizens' privacy, “The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC.”

The proposed legislation, if passed, would prevent the Federal Reserve from issuing a CBDC directly to individuals or through financial institutions, as well as prohibit the use of a CBDC for implementing monetary policy and controlling the economy. Additionally, the bill would require congressional authorization for the issuance of any CBDC.

The introduction of the CBDC Anti-Surveillance State Act comes amid concerns that a government-controlled digital currency could provide authorities with unprecedented access to individuals' financial transactions and potentially be used to stifle political dissent.

The full text of the bill can be accessed for further details on the proposed measures.