Bill Text: TX HCR88 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Expressing opposition to the creation of a central bank digital currency.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-20 - Referred to State Affairs [HCR88 Detail]
Download: Texas-2023-HCR88-Introduced.html
88R16785 TBO-D | ||
By: Capriglione | H.C.R. No. 88 |
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WHEREAS, The Federal Reserve is exploring the potential | ||
benefits and risks of implementing a central bank digital currency, | ||
but it has not given sufficient consideration to key issues | ||
regarding privacy and cybersecurity; and | ||
WHEREAS, A central bank digital currency (CBDC) is a digital | ||
form of money that is a liability of the Federal Reserve, rather | ||
than a liability of commercial banks; retail CBDCs are issued to the | ||
general public, establishing a direct relationship between the | ||
Federal Reserve and consumers; this could lead to unprecedented | ||
levels of government surveillance and control over private cash | ||
holdings and transactions; and | ||
WHEREAS, A number of global leaders have expressed concern | ||
about the threat of cyber risk to financial stability, and CBDC | ||
vulnerabilities could be exploited to compromise a nation's | ||
financial system; many CBDC proposals involve the centralized | ||
collection of transaction data, which poses major privacy and | ||
security risks, such as making it easier for intruders to access the | ||
data of more users; however, proposals that include strategies to | ||
minimize those risks often reduce transparency for regulators | ||
seeking to detect money laundering, terrorism financing, and other | ||
illicit activities; and | ||
WHEREAS, The implementation of a CBDC would make countless | ||
U.S. citizens more vulnerable to intrusive federal oversight and | ||
security threats; now, therefore, be it | ||
RESOLVED, That the 88th Legislature of the State of Texas | ||
hereby express its opposition to the creation of a central bank | ||
digital currency. |