Prevent a U.S. central bank digital currency
Mandate’s minimum reforms include preventing a CBDC, warning of unprecedented surveillance/control of transactions without benefits beyond existing technologies.
Mandate
Mandate Ch. 24 (Federal Reserve) — minimum effective reforms: prevent the institution of a central bank digital currency (CBDC); a CBDC would provide unprecedented surveillance and potential control of financial transactions without providing added benefits available through existing technologies.
Undo plan
1) Maintain research into payments resilience without launching a retail CBDC surveillance architecture.
2) If exploring digital money, require privacy, offline access, and intermediation protections by statute first.
3) Separate wholesale settlement experiments from retail CBDC.
4) Codify congressional authorization prerequisite for any CBDC issuance.
5) Verify: Fed research reports stay non-operational until Congress acts.