The Federal Reserve's moves to make banking smoother and more accessible are drawing political attacks from two likely 2024 presidential candidates, who allege that the central bank wants to surveil Americans' finances, take away their guns or control how much gas they put in their cars.
But that scenario bears no resemblance to the central bank's slow exploration of digital currency. The Fed is already under harsh scrutiny for its supervision of the banking system and its handling of inflation, two issues that pose major threats to the U.S. economy. And now it appears that the Fed's technical work on payments systems could become a bizarre talking point in the run-up to 2024.
The central bank is no stranger to political attacks. In the past month alone, the Fed has faced harsh criticism over the failures of Silicon Valley Bank and Signature Bank, which sent panic through the financial system and triggered an emergency government intervention. The entire episode is being investigated by the Fed and government watchdogs, and Congress will likely take up its own probe.
In congressional hearings and other public speeches, Fed Chair Jerome H. Powell routinely says that the priority isn't for the U.S. to be first, or even at the top of the pack, among countries experimenting with the idea. Around the world, 11 countries have launched digital currencies, according to an Atlantic Council tracker. Eighteen are in pilot phases, and 32, including the U.S., are in development stages.
DeSantis' comments echoed similar recent remarks from Robert F. Kennedy Jr., a lawyer and anti-vaccine activist who has filed paperwork to run in 2024 as a Democrat. In a tweet last week, Kennedy wrote that bank digital currencies "grease the slippery slope to financial slavery and political tyranny.
'DeSantis recently argued recently' - Perhaps you should hire a real editor.
woah a political leader actually navigating the current and future market forces
He is 100% correct.
ESG agenda brings collapse of the US banks and US economy...
I get that you’d prefer to bury your head in the sand. But he’s not wrong
“Yet”
There’s really no other reason for governments to go all in on ESG, it’s all about control…..see China.
DeSantis is right
In other news, Florida will soon introduce its own state digital currency.
Florida's own Fidel Castro is at it again…
Ron DeKLANtis has really taken off his hood and robe.
Did he recently say that? Or was it recently? I got a little confused by this tweet. Thanks.