Biden Admin: Digital Cash Is a ‘Key Duty’ of the Federal Reserve

Democrat President Joe Biden’s administration has declared that the development of digital cash is a “key duty” of the U.S. Federal Reserve.

The Fed and the Biden admin have been reassuring the public that they are not planning on introducing a central bank digital currency (CBDC) in the country.

However, the central bank has also just quietly told Congress that steps leading to a digital dollar are among its “7 key duties.”

The bombshell admission from the Fed was revealed by Republican Rep. Tom Emmer (R-MN).

Emmer shared a document on X that highlights that the Biden admin views CBDC development as a top priority.

The congressman explained that his office received it as the Fed representatives were in Congress for a presentation.

The document asserts that digital “payment systems” are among the “key duties of the Fed.”

Listed under “key duties” are the development of the CBDC and FedNow – the Federal Reserve’s digital cash payment system.

What caused the alarm is the mention of Automated Clearinghouse and FedNow among the “key duties.”

These payment systems are widely regarded as stepping stones toward a CBDC.

FedNow has also been discussed as a way to link a CBDC to digital ID systems.

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It’s been two years since the U.S. Central Bank first came out with a paper looking into the possibility of launching a CBDC.

As Slay News previously reported, Biden ordered the Fed to “explore” the development of a digital dollar in March last year.

The central bank is also linked with the Digital Dollar Project.

However, just one week before Emmer shared the “key duties” document on X, the Fed was in the Senate.

Fed Chairman Jerome Powell told the Senate Banking, Housing, and Urban Affairs Committee that adopting or even recommending a U.S. CBDC was something that was “nowhere near (…) in any form.”

“People don’t need to worry about it,” Powell also said.

However, the introduction of the World Economic Forum’s (WEF) so-called “cashless societies” is a major concern for freedom-loving citizens everywhere.

The concerns have been mounting long before this latest development was revealed by Emmer.

The ability of the state to impose financial surveillance over the population – in the vein of what is already happening in China in earnest – is the main reason for this.

The most vocal opponents in Congress are Republicans.

In a follow-up post on Sunday, Emmer declared:

“The Biden administration sees it as their ‘key duty’ to abandon our core American values and create a surveillance-style CBDC.

“Let me be clear: A government tool for financial surveillance will NOT happen so long as House Republicans are in the majority.”

President Donald Trump, meanwhile, has vowed to block an American CBDC from ever being released, if he is re-elected in November.

Trump accurately describes digital cash as “a dangerous threat to freedom.”

However, the Fed – despite its chair appearing to be convincing America that this “danger” is in no way imminent, has had highly positioned officials like Vice Chairman Lael Brainard push for it.

Putting aside the implications on the financial freedom of Americans, Brainard is reported as saying a CBDC would “reinforce global dollar dominance.”

Brainard argues that a CBDC would be “a safe central bank liability in the digital financial ecosystem.”

READ MORE – Canada Links Citizens’ Bank Accounts to Social Credit Score

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By Frank Bergman

Frank Bergman is a political/economic journalist living on the east coast. Aside from news reporting, Bergman also conducts interviews with researchers and material experts and investigates influential individuals and organizations in the sociopolitical world.

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