Bill Text: TX SCR25 | 2023-2024 | 88th Legislature | Engrossed

Bill Title: Expressing opposition to the creation of a central bank digital currency.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2023-05-12 - Referred to State Affairs [SCR25 Detail]

Download: Texas-2023-SCR25-Engrossed.html
  By: Parker, et al. S.C.R. No. 25
  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.