Heritage Action for America’s Legislative Vote Announcement
Heritage Action for America has highlighted the fifth critical vote for this legislative session.
According to their statements, “The Central Bank Digital Currency (CBDC) represents another method of government control that increases federal authority and drives inflation in the U.S. Heritage Action has persistently opposed the CBDC, as it poses risks to the privacy and civil liberties of Americans.” They emphasize that this legislation aims to shield individuals from government oversight, interference, and potential political threats. “Our advocates have been working hard to resist the CBDC and counter full federal enforcement.”
A primary voter from Heritage Action has cautioned lawmakers that their voting decisions will influence their scores on the Heritage Action Scorecard.
Emmer’s proposed legislation would prevent unaccountable officials, like those from the U.S. Federal Reserve, from issuing a CBDC that undermines Americans’ financial privacy rights. It would also restrict the Fed’s ability to use tools for implementing monetary policy related to the CBDC.
Egiantoni, Chief Economist and Richard Star Fellow at the Heritage Foundation, articulated the threats posed by CBDCs, stating, “CBDCs are essentially a governmental version of cryptocurrency, and they are significantly more concerning than their private sector counterparts.”
He further elaborated, “Every payment or donation you make could be either approved or rejected by the government. This level of monitoring is beyond anything Orwell could have envisioned in 1984 and would make it even easier for the Federal Reserve to implement inflationary policies.”
Emmer has long been an advocate for legislation to ban CBDCs. In 2023, he introduced the CBDC Anti-Surveillance National Act, asserting that CBDCs could dramatically escalate financial oversight of citizens’ lives.
“There’s no reason for the U.S. to imitate the Communist Party of China by developing a surveillance-centric central bank digital currency. We appreciate Heritage Action for recognizing the significance of this law and for safeguarding Americans’ financial privacy rights.”
The Biden administration initiated urgency in research and development of CBDCs through a 2022 executive order, indicating a strong interest in exploring their feasibility. In contrast, President Trump had previously signed an executive order opposing the pursuit of such a currency. Democrats have consistently advocated for the establishment of a CBDC.
Saule Omarova, who unsuccessfully ran for Biden’s Currency Secretary role, has been a proponent of creating a CBDC.
In a research paper, Omarova criticized the rise of Bitcoin and other cryptocurrencies, arguing it shifted control over the financial system from the government to the public.
She expressed in her paper “Tech v. Technology: Fintech as a Regulatory Challenge” that the primary issue with the “large-scale digitization of finance” lies in a “noticeable shift in power dynamics” moving away from governmental oversight.
Senator Elizabeth Warren (D-MA), who has frequently criticized the cryptocurrency sector, called for the creation of a CBDC in April 2022.
A former senior official revealed to Breitbart News in November 2021: “Why do they want to pursue that? Ultimately, they aim to control which transactions they approve or deny. It’s about everything.”
Edward Snowden, the NSA whistleblower, remarked that the CBDC is “specifically designed to strip users of fundamental ownership of their funds, positioning the state as a mediator for all transactions.”
