- Lead Sponsor: Rep. Alex Mooney (R-WV)
- Short title: Digital Dollar Pilot Prevention Act
- Introduced: 05/25/2023
- Latest Action: The Digital Dollar Pilot Prevention Act was referred to the House Committee on Financial Services on 05/25/2023. It was not voted out of committee on 9/20/2023.
- Senate Version: No
- Cosponsors: 20 (20 Republicans – 0 Democrats)
- Alex Mooney Press Release
- Endorsements: Club for Growth, Heritage Action, Americans for Tax Reform, and American Blockchain Initiative
- Summary: This bill prohibits the Board of Governors of the Federal Reserve System and the Federal Reserve banks from establishing, carrying out, or approving a program to test the feasibility of issuing a central bank digital currency.
Finance
Moms for America is dedicated to advancing policies that promote national debt reduction and fiscal responsibility. Our primary focus is on crafting and endorsing legislation that aims to reduce government spending and adhere to budgetary constraints. We strive to maintain financial stability and sustainability for our country while also working to limit the debt that will be passed on to future generations.
Fighting Against The Digital Dollar Takeover
H.R.3712 – Digital Dollar Pilot Prevention Act
Introduced: 5/25/2023
Overview
Op-Eds
Press Releases
Resources
Additional Finance Bills
Overview
Related Press Releases
Coalition of State Attorney Generals Urge Congressional Leadership to Reject the Hinson-Marshall EATS Act in Farm Bill
Competitive Markets Action Sponsors Daily Caller Foundation’s Annual Gala, Applauds Mace, Mooney, Miller, Lee, Paul, and Other Members of Congress
Congressman Mooney Introduces The Digital Dollar Pilot Prevention Act
Op-Eds
Mooney unveils bill to block central bank digital currency pilot program
Fact Sheets
H.R.3712 – Digital Dollar Pilot Prevention Act
Summary:
- R.3712, the Digital Dollar Pilot Prevention Act, was introduced by Rep. Alex Mooney (R-WV) and quickly found support amongst moderate Republicans and members of the Freedom Caucus. The bill stops the Federal Reserve from creating the digital dollar, a centralized digital currency that tracks and monitors Americans’ spending.
What are the Dangers of the Digital Dollar?
- The “Digital Dollar” is the first step towards the government creating a social credit system like in Communist China.
- Proponents of the digital dollar wish to create a government controlled virtual currency to drive users away from free-market crypto-currency exchanges.
- The more market share the digital dollar has, the more likely the government can control the personal finances of all Americans.
- Outside of a court order, third parties, like banks and crypto exchanges, are the only entities that can track their customers’ spending habits. Users of the digital dollar will not be afforded this firewall because their data will already be in the hands of the Federal Reserve to do as they see fit.
- Simply put: The digital dollar is dangerous because it undermines free-market principles and gives sway for a tyrannical government to leverage personal spending data and target political opponents.
The Digital Dollar Pilot Prevention Act – Preventing the Digital Dollar from Getting Off the Ground:
- The government creates pilot programs to test-run policies they wish to enact. The Digital Dollar Pilot Prevention Act stops the Federal Reserve from creating a pilot program to test the feasibility of a digital dollar, thus stopping the creation of the digital dollar in its track.
The Latest on the Digital Dollar Pilot Prevention Act:
- The bill was sent in May 2023 to the House Finance Committee where it remains.
Additional Finance Bills