WASHINGTON—Heritage Action, a conservative grassroots organization with two million activists nationwide, including thousands of Georgians, released the following statement from Georgia State Director James Quarles hailing the Georgia House’s passage of HB 1053, legislation banning the state from issuing a Central Bank Digital Currency (CBDC):
“Georgians are rightfully concerned about the weaponization of our government and the way CBDCs could be used to threaten the financial freedom and privacy of all Americans. HB 1053 is a crucial and proactive backstop to this growing threat, helping to prevent another tool the government could use for surveillance and political intimidation.
“Heritage Action commends State Representative Carter Barrett, House leadership, and grassroots Georgians for working to advance HB 1053. We look forward to continuing this work in the Peach State as the bill heads to the Senate and, hopefully, Governor Kemp’s desk.”
A Central Bank Digital Currency (CBDC) is a fixed-value, government-run cryptocurrency that replaces the dollars in hardworking Americans’ banks and wallets. CBDCs—whether managed through banks (indirect/intermediated) or through the Federal Reserve (direct/disintermediated)—are distinctly different. They are programmable, traceable, trackable, and taxable. Anti-CBDC legislation is necessary to safeguard Americans' financial privacy in the face of potential surveillance, control, and political intimidation.
The Georgia House’s passage of HB 1053 comes as the CBDC Anti-Surveillance State Act (S. 3801 / H.R. 5403), introduced by Sen. Ted Cruz (R-Texas) and Majority Whip Tom Emmer (R-Minn.), makes its way through Congress. Heritage Action supports the CBDC Anti-Surveillance State Act (S. 3801 / H.R. 5403) and is key voting cosponsorship of this legislation on our federal legislative scorecard. Five of Georgia’s representatives in Congress have cosponsored the bill so far.
BACKGROUND:
The Heritage Foundation: The Scary Fed Idea To Turn Your Dollars Into a Digital Power Grab
The Heritage Foundation: Pushers of Central Bank Digital Currencies Are the Most Terrifying of Villains