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House Bill Would Ban the Federal Reserve
from Exploring “Digital Dollar” Creation

Original Article

Posted By: Harlowe, 6/19/2023 2:08:28 PM

Representative Alex Mooney of West Virginia introduced a bill in the U.S. House of Representatives to close a “loophole” that the Federal Reserve Bank could exploit to create the exploratory Central Bank Digital Currency (CBDC) pilot program. H.R. 3712 defines CBDC as “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve.” “Congress cannot give an inch when it comes to CBDCs,” said Mooney. “CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent.”

Comments:

According to the Cato Institute, freezing or seizing assets and placing restrictions on spending could be imposed by the government. Further, programming capabilities could mean the purchasing of or limiting of certain goods would be prohibited and cites as an example trying to curb alcohol consumption by “limiting nightly alcohol purchases or prohibiting purchases for people with alcohol related offenses.” Cato points out that a centralized financial network would be more vulnerable to a cyberattack than the current decentralized financial network because there would be only one target, the Federal Reserve.

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Reply 1 - Posted by: columba 6/19/2023 2:15:13 PM (No. 1495385)
Good.
11 people like this.

Reply 2 - Posted by: davew 6/19/2023 2:31:54 PM (No. 1495402)
This is a complete red herring. The vast majority of transactions are already done using digital wire transfers in electronic accounts. This would simply allow people to use their phones to pay for things directly without needing a separate wallet that encodes their credit cards, PayPal account, or bank account routing information. The people lobbying to ban CBDC are the middlemen companies like VISA and MC that depend on transaction fees in their business model. This is a significant technology that reduces the friction costs of the current 35 party clearance process.
2 people like this.

Reply 3 - Posted by: sw penn 6/19/2023 2:58:04 PM (No. 1495423)
It's just so cute. How people think that the National Socialist Security State cares what laws are passed...
3 people like this.

Reply 4 - Posted by: DVC 6/19/2023 3:01:10 PM (No. 1495428)
Excellent....except that the Federal Government has NO control over what the Federal Reserve does. The government can only appoint people to the board....NOT order them to do or not do anything. That is a "feature" designed in by the bankers who came up with this scam over a century ago.
11 people like this.

Reply 5 - Posted by: stablemoney 6/19/2023 3:13:23 PM (No. 1495437)
The majority of transactions are by credit card, all of which information the credit card companies readily surrender to the government. The government can already shut down your cards, and bank accounts. So the ability is already there, but would be easier with a digital currency. If the private companies that have digital currency would tie them to gold, that would win a lot of support. The private companies would have to be audited by the big 4, have some government guarantees, and regulations. The government will never support it, because they must inflate, 50% of expenditures paid by inflation.
2 people like this.

Reply 6 - Posted by: franq 6/19/2023 3:19:57 PM (No. 1495444)
It's always for our own good, isn't it?
6 people like this.

Reply 7 - Posted by: Dodge Boy 6/19/2023 4:01:57 PM (No. 1495476)
Pubbie-controlled House, just keep an eye on the House of Rothschild (code name - Nancy), aka as owners of most of the world's central banks when you oppose Nancy's narrative. In case you haven't heard, Nancy is hear to take over our currency and America's financial system. Nancy will not be very happy with your distraction to block the CBDC from going live. Nancy has a habit of dispatching misbehavers from the 30th floor of tall office buildings.
4 people like this.

Reply 8 - Posted by: bad-hair 6/19/2023 4:23:29 PM (No. 1495490)
Digital dollar is not happening until the politicians figure out how to quietly exempt themselves.
9 people like this.

Reply 9 - Posted by: Faithfully 6/20/2023 6:54:26 PM (No. 1496213)
#2 Not if the power is taken out. Give me gold or paper money any day.
0 people like this.

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