Representative Warren Davidson, a Republican from Ohio, has announced plans to introduce legislation targeting the idea of a central bank digital currency (CBDC).
Davidson, who has been in the U.S. House since 2016 and is currently campaigning for re-election, described CBDC as “communist money for the digital age” during an interview with Fox News Digital.
He expressed concerns about the implications of such a currency, noting, “They could just freeze your money. You could program it.” He illustrated his point with an example where a truck driver pays $10 per gallon for fuel, while a hybrid driver pays only $2. “And people see this as a feature. I think it’s dystopian,” he remarked, affirming his desire to prevent its implementation.
Recently, in a post on X, Davidson stated, “I’m drafting a bill to regulate Central Bank Digital Currency (CBDC) as counterfeit money.” He criticized initiatives related to CBDCs, asserting that they are akin to counterfeiting and advocating for severe penalties for such actions.
In his continued criticism, Davidson insisted that “CBDC = communist money for the digital age” and warned that programmable money places a barrier between individuals and their funds, allowing government oversight. “You will only have access with their permission. This is an existential threat to western civilization,” he warned.
Although recent legislation known as the 21st Century ROAD to Housing Act temporarily forbids the establishment of a CBDC, this prohibition will end in a few years, as the law states it will be ineffective after December 31, 2030.
In his interview, Davidson emphasized that sound money principles require some degree of fiscal discipline, stating, “you can’t spend more than you bring in every year.” He recognized that this doesn’t necessarily have to be based on gold, but instead should be guided by “a disciplined monetary policy” that avoids excessive growth in the money supply compared to the economy.
Davidson also expressed skepticism towards the Federal Reserve, suggesting that it may be necessary to “end this Fed,” although he acknowledged the possibility of reforming it. He advocated for an audit of the Federal Reserve.
Regarding President Donald Trump’s proposal to provide $5,000 to each American adult if the GOP gains control of Congress, Davidson indicated his support, but only if it is balanced with spending cuts to fund the initiative. He voiced concerns about the inflationary impact of distributing $5,000 per individual and proposed healthcare reforms, like a significant overhaul of Obamacare, as a potential means to finance it.
