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Rep. Warren Davidson, R-Ohio, plans to introduce legislation that puts the prospect of a central bank digital currency (CBDC) in the crosshairs.
The lawmaker, who has served in the U.S. House since mid-2016 and is currently seeking re-election, characterized central bank digital currency as “communist money for the digital age,” during an interview with Fox News Digital.
“They could just freeze your money. You could program it. Some people call it a feature,” Davidson said. He provided a scenario in which a pickup truck driver pays $10 per gallon for fuel while a hybrid driver could get their fuel for just $2 per gallon. “And people see this as a feature. I think it’s dystopian,” Davidson said, adding, “I definitely want to stop it.”
Last month, in a post on X, Davidson wrote, “I’m drafting a bill to regulate Central Bank Digital Currency (CBDC) as counterfeit money. Planning a CBDC? Conspiracy. Designing a CBDC? Same as designing counterfeit plates. Launching CBDC? Counterfeiting. Prison for counterfeiters and their accomplices. No CBDC!”
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In another post on X last month, Davidson warned, “CBDC = communist money for the digital age. Programmable money puts the government between you and your money. You will only have access with their permission. This is an existential threat to western civilization.”
While a section within the 21st Century ROAD to Housing Act that became law earlier this year temporarily prohibits the creation of a CBDC, that ban sunsets in a few years — language in the ban notes that “provisions of this section shall cease to be effective on December 31, 2030.”
Davidson told Fox News Digital during the interview on Tuesday that “the fundamentals for sound money is some level of fiscal discipline,” adding that “you can’t spend more than you bring in every year.”
“I don’t think it has to be gold,” he said, explaining that there needs to be “a disciplined monetary policy” in which “you can’t grow the money supply disproportionate to your economy.”
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“I think we should end this Fed,” Davidson said, adding that he believes there is “a case for a central bank,” while noting, “I don’t know that you could reform the current one without ending it.”
Davidson said that he thinks “we should at least audit the Fed.”
Asked about President Donald Trump’s proposal to dole out $5,000 to every American adult if the GOP wins both chambers of Congress during the midterms, Davidson indicated that he could get behind the policy if it is paired with spending cuts to cover the cost.
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Davidson said that “on its face” the proposal is concerning “because $5,000 per person going into the economy would fuel inflation,” but suggested that such a move could be combined with action such as gutting Obamacare, saying that among “the most promising ways to pay for it is a radical shift in healthcare.”