| 2 | + | (In the Senate - Filed March 9, 2023; March 16, 2023, read |
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| 3 | + | first time and referred to Committee on Business & Commerce; |
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| 4 | + | May 5, 2023, reported favorably by the following vote: Yeas 10, |
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| 5 | + | Nays 0; May 5, 2023, sent to printer.) |
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| 6 | + | Click here to see the committee vote |
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| 2 | 7 | | |
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| 3 | 8 | | |
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| 4 | 9 | | SENATE CONCURRENT RESOLUTION |
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| 5 | 10 | | WHEREAS, The Federal Reserve is exploring the potential |
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| 6 | 11 | | benefits and risks of implementing a central bank digital currency, |
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| 7 | 12 | | but it has not given sufficient consideration to key issues |
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| 8 | 13 | | regarding privacy and cybersecurity; and |
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| 9 | 14 | | WHEREAS, A central bank digital currency (CBDC) is a digital |
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| 10 | 15 | | form of money that is a liability of the Federal Reserve, rather |
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| 11 | 16 | | than a liability of commercial banks; retail CBDCs are issued to the |
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| 12 | 17 | | general public, establishing a direct relationship between the |
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| 13 | 18 | | Federal Reserve and consumers; this could lead to unprecedented |
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| 14 | 19 | | levels of government surveillance and control over private cash |
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| 15 | 20 | | holdings and transactions; and |
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| 16 | 21 | | WHEREAS, A number of global leaders have expressed concern |
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| 17 | 22 | | about the threat of cyber risk to financial stability, and CBDC |
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| 18 | 23 | | vulnerabilities could be exploited to compromise a nation's |
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| 19 | 24 | | financial system; many CBDC proposals involve the centralized |
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| 20 | 25 | | collection of transaction data, which poses major privacy and |
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| 21 | 26 | | security risks, such as making it easier for intruders to access the |
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| 22 | 27 | | data of more users; however, proposals that include strategies to |
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| 23 | 28 | | minimize those risks often reduce transparency for regulators |
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| 24 | 29 | | seeking to detect money laundering, terrorism financing, and other |
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| 25 | 30 | | illicit activities; and |
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| 26 | 31 | | WHEREAS, The implementation of a CBDC would make countless |
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| 27 | 32 | | U.S. citizens more vulnerable to intrusive federal oversight and |
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| 28 | 33 | | security threats; now, therefore, be it |
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| 29 | 34 | | RESOLVED, That the 88th Legislature of the State of Texas |
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| 30 | 35 | | hereby express its opposition to the creation of a central bank |
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| 31 | 36 | | digital currency. |
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