[Congressional Record Volume 169, Number 125 (Thursday, July 20, 2023)]
[House]
[Page H3876]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         CHINA IS PLOTTING A GOVERNMENT-BACKED DIGITAL CURRENCY

  (Mr. MOONEY asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. MOONEY. Madam Speaker, China is plotting a government-backed 
digital currency which will be used to survey and manipulate financial 
activities of its citizens and to crack down on dissent. A central bank 
digital currency, known as the digital dollar, poses significant 
privacy and government surveillance concerns.
  Republicans have been clear that the Federal Reserve does not have 
the authority to issue a digital dollar without an act of Congress. The 
United States shouldn't have the ability to build and test one behind 
the scenes either.
  Right now the Federal Reserve is contracting with the private sector 
to build digital dollars far beyond what we considered traditional 
research. That is why I introduced H.R. 3712, the Digital Dollar Pilot 
Prevention Act which closes this loophole.
  Make no mistake, government-backed digital dollars are not about 
innovation; they are about control. We must stop the Fed's current 
development dead in its tracks, and my legislation does exactly that.

                          ____________________