ICYMI: Rep. Green Criticizes the Federal Reserve for Its Attempts at Creating a Centralized Bank Digital Currency
For decades, the federal government has strengthened and consolidated power. This goes against one of the most fundamental principles of our Founding—limited government. FedNow is a major mistake.
Allowing the Federal Reserve to track every transaction would also give it the power to freeze transactions—and there’s no doubt they will eventually do so for political purposes.
In Case You Missed It, via Washington Examiner, Rep. Green grills the Federal Reserve and the World Economic Forum for pushing the use of a central bank digital currency (CBDC) in the United States.
Federal Reserve's efforts to centralize financial transactions are a threat to freedom
By Rep. Mark Green
August 9, 2023
FedNow allows people to “send instant payments through their depository institution accounts,” giving a direct line from the central bank to individuals. This means the federal government could potentially track every transaction and even prevent transactions with which it disagrees. The Fed promises this program will increase “expedience and availability.” Yet sacrificing our financial autonomy for expediency is nowhere near an equal trade.
The same can be said of a CBDC. CBDCs are antithetical to personal privacy and limited government. Such a massive break from traditional currency would require a centralized system to keep all transactions within a closed-loop environment. Government control over such a system would be extremely dangerous to the freedom of people. From start to finish, a CBDC is controlled by a central bank like the Fed. Allowing them this much control over our everyday lives is a slippery slope we cannot afford to slide down.
