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Tipsheet

DeSantis Moves to Protect Florida From Biden's 'Weaponization of the Financial Sector'

AP Photo/Wilfredo Lee

Florida Gov. Ron DeSantis on Monday moved to protect The Sunshine State from the Biden administration’s potential “weaponization of the financial sector” through a Central Bank Digital Currency. 

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The legislative proposal would amend the state’s Uniform Commercial Code to prohibit the use of federal or foreign CBDC and calls on other states to join in the fight by instituting similar prohibitions.  

A federally controlled Central Bank Digital Currency is the most recent way the Davos elites are attempting to backdoor woke ideology like Environmental, Social, and Governance (ESG) into the United States financial system, threatening individual privacy and economic freedom. Unlike a decentralized digital currency, a CBDC is directly controlled and issued by the government to consumers, giving government bureaucrats the ability to see all consumer activity and the power to cut off access to goods and services for consumers.

Additionally, a federally sanctioned CBDC as proposed by the Biden administration would diminish the role of community banks and credit unions in our financial system as CBDC currency would be a direct liability of the Federal government, rather than of a chartered financial institution, shrinking market lending power. 

 “The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control,” DeSantis said in a statement. “Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance. Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security.”

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Jimmy Patronis, state chief financial officer, said a CBDC would eliminate privacy and thereby remove individual rights.

“In the same way Florida is fighting back against the IRS, we need to fight back against this program,” he said. “It’s how we protect freedom, liberty, and prosperity.”

Foundation for Government Accountability CEO Tarren Bragdon praised DeSantis for “pushing back on an overreaching federal government.”

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