PA FREEDOM CAUCUS WARNS AGAINST CENTRAL BANK DIGITAL CURRENCIES, WILL MEET HARSH OPPOSITION IN PA

Harrisburg, PA- As financial troubles plague the nation, the Pennsylvania Freedom Caucus spoke out against a concerning economic trend as the legislature heads back to Harrisburg this week. As the name implies, a central bank digital currency (CBDC) is an entirely digital form of money that, here in the US, would be issued by the Federal Reserve. Studies show as many as 130 countries are currently exploring digital versions of their currencies and 11 countries have fully implemented a CBDC.

Unlike traditional cryptocurrencies such as bitcoin, CBDCs create a dangerous connection between the personal finances of private citizens and the government. “There is a legitimate concern that the government will be able to see all of your transactions and censor those they deem inappropriate.”, said PA Freedom Caucus Chair Rep Dawn Keefer (R-York).

Keefer noted HB334, the Liberty, Virtue and Independence Act, introduced by PAFC members Rep Perry Stambaugh (R- Perry, Juniata) and Rep David Zimmerman (R-Lancaster, Berks) provides an important protection by prohibiting any business in the Commonwealth from using environmental, social, and governance (ESG) scores as a credit score or sole condition of financing and providing services.

PA Freedom Caucus Member Rep Aaron Bernstine (R-Butler, Lawrence), who sits on the House Finance Committee warns a bill establishing a CBDC framework in Pennsylvania would meet harsh resistance. “We’re completely opposed to allowing the government the kind of financial control they are using in China.” said Bernstine. “State freedom caucuses across the county have successfully defeated CBDC legislation in their states and we’re fortunate that we know what to look for to protect Pennsylvanians.”

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