CfG President McIntosh Statement on Anti-CBDC Surveillance State Act

Washington, D.C. — Club for Growth President David McIntosh issued the following statement on House Majority Whip Tom Emmer’s Anti-CBDC Surveillance State Act:

“On the campaign trail, President Trump said, ‘As your President, I will never allow the creation of a central bank digital currency.’ The President is 100% correct to oppose the creation of a Central Bank Digital Currency (CBDC). It is critical that the House Financial Services Committee markup and Congress pass WHIP Tom Emmer’s Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from directly or indirectly issuing a CBDC or any other similar digital asset, either through the Federal Reserve itself or through another financial institution or intermediary. A CBDC is antithetical to America’s founding ideals. Creating a federally controlled digital dollar without explicit congressional authorization would be a blatant violation of Article I, exposing Americans to expansive and unconstitutional digital surveillance. A CBDC would threaten economic growth by competing with private banks for scarce deposits—misallocating capital and enabling reckless, inflationary expansions of the Fed’s balance sheet. Club for Growth applauds Whip Emmer and Chairman Hill for their leadership in protecting Americans from this dangerous big-government scheme and urges all members of the House Financial Services Committee to support this critical legislation.” — David McIntosh, President, Club for Growth.