WASHINGTON, D.C. — Congressman Michael Cloud (TX-27) introduced the Permanent CBDC Ban Act, legislation that would permanently prohibit the Federal Reserve from issuing or creating a Central Bank Digital Currency. A CBDC would expose Americans to unconstitutional financial surveillance and give the Federal Reserve unchecked power over individual finances.
The Permanent CBDC Ban Act is a direct response to a critical shortcoming in the 21st Century Road to Housing Act. That legislation restricted the Federal Reserve from issuing a CBDC but only temporarily, with the restrictions set to expire on December 31, 2030. The Permanent CBDC Ban Act would strike that expiration date and permanently prohibit the Federal Reserve from issuing a CBDC.
“A Central Bank Digital Currency is the ultimate tool of surveillance and control. It is antithetical to the values of liberty and financial freedom that define this nation,” said Rep. Cloud. “The Federal Reserve should never have the power to monitor, restrict, or expire a single American’s money. A CBDC would hand them exactly that power. Congress must make sure that never happens,” concluded Rep. Cloud.
Original Cosponsors: Representatives Don Bacon, Sheri Biggs, Lauren Boebert, Eric Burlison, Buddy Carter, Ben Cline, Andrew Clyde, Eli Crane, Warren Davidson, Byron Donalds, Paul Gosar, Harriet Hageman, Pat Harrigan, Diana Harshbarger, Clay Higgins, Nancy Mace, Rich McCormick, Addison McDowell, Mark Messmer, Barry Moore, Riley Moore, Andy Ogles, Scott Perry, Chip Roy, Keith Self, Greg Steube, Marlin Stutzman, Dave Taylor, Matt Van Epps, Derrick Van Orden.
View more information on the bill here.
Cosponsor Quotes:
Congressman Keith Self: “I’m proud to join Congressman Michael Cloud as an original cosponsor of the Permanent CBDC Ban Act. A Central Bank Digital Currency is the ultimate threat to financial privacy, the final tool for total government surveillance and control. It would give the unelected Federal Reserve unprecedented power to track every transaction, restrict what you can buy, freeze your accounts, and even expire your money at will. The temporary ban that sunsets in 2030 is not enough. This one-sentence bill makes the ban permanent, as it should be. BAN CBDC—FOREVER!”
Congressman Byron Donalds: “Central Bank Digital Currency would give unelected bureaucrats in our federal government absolute control over your money. This is not just wrong; this is a dangerous and direct threat to our freedom and sovereignty. I’m proud to join this effort and defend liberty for all Americans.”
Congressman Chip Roy: “Unelected bureaucrats should never have the power to track, monitor, or control Americans’ private financial transactions under the guise of a government-run digital currency. We must protect financial privacy, preserve the freedom to use cash, and ensure that government never erodes our constitutional liberties. That is why I am proud to co-sponsor Rep. Cloud’s legislation to permanently ban a central bank digital currency and keep government out of Americans’ wallets.”
Congressman Eric Burlison: “A central bank digital currency would give the government the power to make someone disappear from economic life without ever convicting them of a crime. Turn off their money, and the rest takes care of itself. We have already seen what debanking can do; a CBDC would put that power directly in Washington’s hands. America must never build an economic kill switch.”
Congressman Barry Moore: “The federal government has proven time and again that it cannot be trusted with more power. Central Bank Digital Currency would create the infrastructure for financial surveillance and government control unlike anything we’ve ever seen. We must stop it before it starts. That’s why I’m proud to support Rep. Cloud’s Permanent CBDC Ban Act and ensure Americans, not Washington bureaucrats, remain in control of their own money.”
Congressman Buddy Carter: “Americans shouldn’t have to worry that the federal government could track or control how they spend their hard-earned money. That’s why I’m proud to support the Permanent CBDC Ban Act to safeguard financial privacy and ensure a government-issued digital dollar never becomes a reality.”
Congressman Clay Higgins: “I support personal freedoms and liberty, including every American’s right to financial privacy. The Permanent CBDC Ban Act would prohibit the Federal Reserve from issuing a central bank digital currency that could be used to track every monetary transaction a citizen makes.”
Congressman Eli Crane: “A Central Bank Digital Currency threatens personal privacy and opens the door to totalitarian control over our finances. Americans overwhelmingly reject this idea, yet under current law, the Federal Reserve could still implement one as early as 2031. Thankfully, Rep. Cloud has introduced legislation to permanently prohibit its creation. I’m grateful to be an original cosponsor and will keep fighting to block this dystopian system.”
Congressman Paul Gosar: “Americans don’t want a government-controlled digital dollar that can be used to monitor purchases, restrict transactions, or punish political dissent. A CBDC is incompatible with a free society. This bill permanently closes the door on that dangerous idea and protects Americans’ financial freedom from future abuse.”
Congressman Addison McDowell: “A central bank digital currency (CBDC) directly undermines the civil liberties and financial freedom of Americans. The United States does not need to follow in the footsteps of Communist China and implement unconstitutional financial surveillance. We do not need the federal government putting its nose into how hardworking Americans spend their money.”
Congressman Warren Davidson: “A temporary CBDC ban is like building the Death Star and promising not to turn it on until 2030. The infrastructure for unprecedented financial surveillance is being built right now and will be waiting for someone to flip the switch when the current ban expires. I am proud to support this legislation to permanently prohibit the Federal Reserve from creating a government-controlled digital currency.”
Congresswoman Diana Harshbarger: “Americans’ financial freedom should never be at the mercy of an unelected Federal Reserve. A Central Bank Digital Currency would open the door to unprecedented government surveillance of Americans’ financial transactions and give Washington far too much control over how people spend their own money. That’s a line our country should never cross. I’m proud to join Congressman Cloud in introducing the Permanent CBDC Ban Act to ensure this prohibition never expires and to permanently protect Americans’ privacy, financial freedom, and constitutional liberties.”
Congressman Pat Harrigan: “The federal government has no business creating a tool that could be used to monitor, influence, or restrict how Americans spend their own money. Once that authority exists, it will never stay limited for long. I’m proud to be an original cosponsor of the Permanent CBDC Ban Act because protecting individual liberty means stopping dangerous ideas before they become permanent institutions. The Federal Reserve should focus on maintaining a sound monetary system, not building the infrastructure for financial surveillance.”
Congressman Ben Cline: “A Central Bank Digital Currency would give the Federal Reserve an alarming surge of unchecked power to violate the Fourth Amendment rights guaranteed in our Constitution. Under federal control, CBDCs become a dangerous tool for unelected bureaucrats to spy on and potentially restrict how Americans spend their hard-earned dollars. I am proud to cosponsor Congressman Cloud’s legislation to make the ban on CBDCs, passed in the 21st Century ROAD to Housing Act, permanent.”
Congressman Matt Van Epps: “A central bank digital currency runs counter to American principles and the dynamic financial system they support. It would invite government surveillance, potential confiscation, and excessive state control. A permanent CBDC ban preserves our financial freedom.”