Cloud Blocks CBDC Forever in Congressional Bill

Representative Michael Cloud (R-TX) has introduced legislation to permanently ban the Federal Reserve from issuing a central bank digital currency (CBDC). The Permanent CBDC Ban Act removes the expiration date of December 31, 2030, included in the 21st Century Road to Housing Act. This temporary bar on the Fed's ability to issue a CBDC was set to expire at that time.

Congressman Cloud stated, '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.' He believes the Federal Reserve should not have the power to monitor or restrict individual Americans' money with a CBDC.

The bill has gained 30 original cosponsors, including Reps. Warren Davidson, Byron Donalds, Nancy Mace, Chip Roy, Keith Self, and Greg Steube, according to Texas GOP Vote.