FOR IMMEDIATE RELEASE
Rep. Green Slams FedNow Launch
Government Control of Our Financial Transactions: What Could Go Wrong?
WASHINGTON—Today, Rep. Mark Green released the following statement after the Federal Reserve launched FedNow, a national system to manage and control financial transactions:
“FedNow is a major mistake. Both the Obama and Biden administrations weaponized agencies against the American people; what will make this system any different? What will stop the far left from using this to target political opponents?
There is no question that giving the federal government this much power puts American freedoms at risk. Allowing the Federal Reserve to track every transaction would also give it the power to freeze transactions—and there’s no doubt they will eventually do so for political reasons. Under such a regime, if an administration doesn’t want you to be able to purchase guns, meat, or gasoline, or donate to a certain organization, they would now have the power to stop you.
For decades, the federal government has strengthened and consolidated power. This goes against one of the most fundamental principles of our Founding—limited government. FedNow accelerates this trend, putting our country way too close to the kind of control Communist China exerts over its citizens; an all-powerful Orwellian government monitoring and judging our every move.”
This is a companion discussion topic for the original entry at https://markgreen.house.gov/2023/7/rep-green-slams-fednow-launch