Key Vote Alert – “YES ” on the the CBDC Anti-Surveillance State Act.

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The Club for Growth urges all Representatives to vote YES on the CBDC Anti-Surveillance State Act. The results of this vote will be included in the Club for Growth Foundation’s 2024 congressional scorecard.

Despite bipartisan opposition, the Federal Reserve is currently evaluating a U.S. central bank digital currency (CDBC), a digital asset which would be issued by the central bank and made available to the public. The creation of a U.S. CBDC would threaten the financial health of the country and the constitutional rights of law-abiding Americans. Specifically, a CBDC would:
  1. Violate separation of powers since the Federal Reserve cannot issue a digital liability without authorization from Congress.
  2. Violate the financial freedom of Americans by allowing the Federal Reserve to track financial transactions and discriminate against Americans who hold the “wrong” political beliefs. America should not copy what is being done in authoritarian regimes like China and Russia.
  3. Reduce economic growth by crowding out private investment and competing with private banks for scarce deposits. This would misallocate capital, reduce economic growth, kill jobs, and lower wages. 
  4. Increase volatility in financial markets and increase inflation by encouraging Americans to withdrawal money from private banks and invest in CBDC’s, which can be supported through endless inflationary money printing by the Federal Reserve.

The CBDC Anti-Surveillance State Act would protect the American people from the dangers of a CBDC by preventing 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. The bill would prevent the Federal Reserve from implementing monetary policy with a CBDC or any similar digital asset and prevent the Secretary of the Treasury from instructing the Federal Reserve Board of Governors from issuing a CBDC. Finally, the bill includes important language preserving the legality of private Stable Coins. The Club for Growth urges Representatives to stand up for economic growth and the Constitutional rights of the American people by supporting this legislation.

Club for Growth Foundation’s Congressional Scorecard for the 118th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to the public.