In December, the Massachusetts Institute of Technology (MIT), in collaboration
with the Federal Reserve Bank of Boston, completed a study known as "Project
Hamilton" to research the adoption of a US Central Bank Digital Currency. A central bank digital currency is a programmable digital currency issued from a federal reserve.
Just as for many across America, this project concerned me and many of my colleagues in Congress. Not only is there a great lack of transparency surrounding the project, the implementation of a US Central Bank Digital Currency (also known as a CBDC) could easily jeopardize the financial privacy and freedom of all Americans.
We have already seen the consequences a government-controlled central bank digital currency can have on a country’s citizens. In China, the Communist Party has implemented a central bank digital currency that has been used to diminish individual freedom by closely tracking citizens' transactions and limiting purchases. Additionally, the Federal Reserve lacks the authority to issue a CBDC without congressional approval.
To stop this effort, I'm proud to co-sponsor H.R. 1122, the CBDC Anti-Surveillance State Act. This bill would halt efforts of unelected bureaucrats at the Federal Reserve from issuing a central bank digital currency (CBDC) that would strip Americans of their right to financial privacy and give the federal government even more control.
