PANews reported on February 26 that, according to Fox Business Channel, Republicans in the U.S. Senate are determined to limit the Federal Reserve's ability to create Central Bank Digital Money, which lays the groundwork for the debut of the digital dollar as an issue in the 2024 presidential campaign. Senator Ted Cruz, Republican of Texas, a senior member of the Senate Commerce Committee, said he and four Senate colleagues, including Bill Hagerty, Republican of Tennessee, Rick Scott, Republican of Florida, Ted Budd, Republican of North Carolina, and Mike Braun, Republican of Indiana, will introduce a new bill called the Central Bank Digital Money Anti-Surveillance State Act. The legislation, which Cruz will introduce in the Senate on Monday, says the Fed has no authority to issue CBDCs to Americans without congressional authorization.
The new bill, which is also supported by organizations such as Legacy Action America, the Blockchain Association and the American Bankers Association, will serve as collateral legislation to the Central Bank Digital Money Anti-Surveillance State Act of House Long multi-party whip Tom Emmer, which was reintroduced in the House of Representatives in September. It has 75 MPs as co-sponsors. Cruz's bill, like Emmer's, aims to stop the Federal Reserve and its member banks from issuing CBDCs and use them to implement monetary policy and gain broader control over the economy. It is reported that although the Federal Reserve has not yet made a decision on the implementation of CBDC, the Biden administration has made CBDC research a top priority.