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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | May 24, 2023 12:43 PM |
|---|---|
| From: | Senator Doug Mastriano and Sen. Scott E. Hutchinson |
| To: | All Senate members |
| Subject: | Protecting Pennsylvanians from a Federally Controlled Central Bank Digital Currency |
| Soon, we plan to introduce legislation prohibiting the use of a federally adopted Central Bank Digital Currency (CBDC) as money within Pennsylvania’s Uniform Commercial Code (Title 13). In March 2022, President Biden issued an Executive Order directing government agencies to produce a detailed plan to study the potential creation of a CBDC in the United States. In March 2023, the Department of Treasury stated that a consortium of government agencies will meet regularly in the coming months to discuss whether to officially adopt a CBDC controlled by the US Government. A CBDC directly controlled and issued by the government would give government bureaucrats the ability to see all consumer activity and the power to cut off access to goods and services for consumers. A federal government that has the ability to track every citizen’s transaction, control the kinds of things people can buy, and the amount that could be purchased at a single time is a terrible Orwellian nightmare. Our legislation will protect PA’s consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which would stifle innovation and promote government-sanctioned surveillance. Pennsylvania must reject policies that threaten personal economic freedom and security. The prohibition on the use of CBDC as money will not apply to decentralized digital currencies such as Bitcoin and Ethereum. Our bill will mirror legislation that was recently signed into law in Florida. Please join us a co-sponsor. |
Introduced as SB797