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Central Bank Digital Currency

Your money is your property, and this is why—which also applies to any cryptocurrency you own—the rise of central bank digital currency (CBDC) needs to be addressed. President Biden signed an executive order allowing the Federal Reserve to look into the creation of a CBDC by creating a digital dollar, which has since given us the FedNow Service, setting the stage for centralized banking. Under a CBDC, the government centralizes digital banking, and just like when you deposit money into a bank, any deposits or assets held in the CBDC cease to be your property and become the government’s. With a CBDC, the government can take your assets or control where you spend them.

Remember the trucker protest in Canada? The Canadian banks froze the accounts of anyone connected to the protest. The creation of a CBDC will make it easier for anyone within the government to control your actions by holding your assets hostage, deciding where you spend, what you buy, and how much you can spend. Basically, the creation of a CBDC allows government bureaucrats to control you.

This is why Janet McNulty is against CBDCs or any centralized banking. Your money and your assets are your property, and no one, especially not the government, has any right to them.

Some will claim that the issue of a CBDC has been dealt with, but it hasn’t. H.R. 3712, the Digital Dollar Pilot Prevention Act, is a worthless bill that is more showmanship than substance. The bill itself only says that the Federal Reserve cannot create a digital dollar or a pilot program for the creation of a digital dollar; however, it does not prevent the president from creating a digital dollar by executive order, nor does it stop Congress from creating a digital dollar; the FedNow program still exists; banks can still legally seize your money; and banks can still lock you out of your account. The bill itself was proposed by a man desperate to get elected to the U.S. Senate. In May 2023, a town hall meeting was held with local state delegates and senators where McNulty brought up the issue of the creation of a CBDC, and two days later, H.R. 3712 was proposed by a man who, who up until then, had mentioned no opposition to President Biden’s executive order in March 2022, which allowed the Federal Reserve to look into the creation of a CBDC.

An individual's right to property is essential to American liberty, which is why Janet McNulty is against centralized banking and the creation of a CBDC.

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