[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 629 Introduced in House (IH)]

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118th CONGRESS
  1st Session
H. RES. 629

Expressing the sense of the House of Representatives that the Board of 
  Governors of the Federal Reserve System and the Federal Open Market 
 Committee should not be permitted to develop, create, or implement a 
   central bank digital currency, or use any such tool to implement 
                            monetary policy.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 27, 2023

 Mr. Ogles (for himself, Mr. Perry, Mr. Bishop of North Carolina, Mr. 
 Donalds, and Mr. Gosar) submitted the following resolution; which was 
            referred to the Committee on Financial Services

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                               RESOLUTION


 
Expressing the sense of the House of Representatives that the Board of 
  Governors of the Federal Reserve System and the Federal Open Market 
 Committee should not be permitted to develop, create, or implement a 
   central bank digital currency, or use any such tool to implement 
                            monetary policy.

Whereas China's digital yuan rollout is a ``pilot program'' that is a dystopian 
        project for Communist central planners to spy on their own citizens;
Whereas the real intent of introducing a digital yuan is to increase State 
        control of the payments system and to closely monitor transactions and 
        even personal behavior;
Whereas European Central Bank President Christine Lagarde affirmed that the 
        central bank digital currency will be used to control which payments can 
        be made;
Whereas the Canadian Liberal Party limited freedom in response to the ``freedom 
        convoy'' protests in 2022 by taking an unprecedented step toward 
        normalizing financial censorship through the Emergency Economic Measures 
        Order, in which the government compelled financial institutions to 
        freeze the accounts of anyone who donated to the protesters;
Whereas the cornerstone of American democracy is the right to free speech, and 
        the adoption of a central bank digital currency would only serve to 
        compromise this most essential right;
Whereas the Constitution entrusts Congress with the power to coin money and 
        regulate the value thereof;
Whereas the United States should protect our financial independence and reject 
        any attempts to undermine it, including through a central bank digital 
        currency pilot program loophole; and
Whereas the United States cannot allow government-backed monopolies to stifle 
        progress: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives that 
the Board of Governors of the Federal Reserve System and the Federal 
Open Market Committee should not be permitted to develop, create, or 
implement a central bank digital currency, or use any such tool to 
implement monetary policy.
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