Pierre, S.D. (Feb. 16, 2023) – The South Dakota Freedom Caucus launched an online petition today to stop House Bill 1193, which they are claiming helps create a Central Bank Digital Currency (CBDC), in hopes to draw awareness to an issue they say could be fatal to our economy.
CBDC has been a highly debated topic over the last year, since the U.S. Federal Reserve released its discussions on the matter. The main concern from opponents to the currency comes from a government’s ability to control people’s purchasing, as described by International Monetary Fund (IMF) Managing Director Bo Li this last September, when he stated, “programming CBDC, that money can be precisely targeted for what kind of people can own [CBDC] and for what kind of use this money can be utilized, for example for food.”
“The ability of a free people to determine the means of exchange and which transactions they engage in is what makes them free,” said Vice Chair Representative Tony Randolph, “and without it, you don’t have a free people.”
The issue over the creation of CBDC in HB 1193 was first raised by District 31 Representative Scott Odenbach during debate over the bill in House Judiciary last Wednesday. Rep. Odenbach pointed to an area in the bill where it establishes“an electronic record that is a medium of exchange recorded and transferable in a system … authorized or adopted by the government.” Even with Rep. Odenbach’s opposition, and three other committee members, HB 1193 passed committee by a vote of 7 to 4 and that following Monday, passed the House by a vote of 49-17.
“We just can’t afford to let something of this magnitude pass unchecked,” said Freedom Caucus Treasurer Representative Tina Mulally, explaining why the Freedom Caucus’s sudden push against the legislation.
The bill is now set to appear before the nine-member Senate Commerce and Energy Committee, chaired by Sen. David Wheeler. With growing opposition, groups like the Freedom Caucus are hoping to round up five votes in that committee to kill the legislation. No date has been set for the hearing of this legislation in the committee.
