Florida, a perennial Presidential battleground prize, just took a stand against a possible U.S. Central Bank Digital Currency (CBDC).

Citing likely surveillance that would be built into a CBDC, as well as other control features linked to political and ideological goals, Governor Ron DeSantis signed legislation this past week rejecting CBDC use in the state.

DeSantis has commented concerning the new law, which was publicly signed on 12 May in Fort Myers:

“The Biden administration’s efforts to inject a Centralized Bank Digital Currency is about surveillance and control. 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.” 

The legislation gives citizens protections from CBDCs by:

  • Expressly prohibiting the use of a federally adopted Central Bank Digital Currency as money within Florida’s Uniform Commercial Code (UCC).
  • Instituting protections against a central global currency by prohibiting any CBDC issued by a foreign reserve or foreign sanctioned central bank.
  • Calling on other states to join Florida in adopting similar prohibitions.

Pushing Back Against Financial and Political Surveillance and Control

The legislative announcement mentioned radical climate agenda and ideological goals encapsulated in Environmental, Social and Governance (ESG) frameworks as another likely abuse that CBDCs would bring.

It also pointed out that a CBDC would be directly controlled and provided by the government to customers, allowing government administrators to monitor every consumer activities and shut off access to products and services.

This past March, Florida joined 17 other states in a coalition to counter the Biden Administration’s support of ESG investing.

Biden had vetoed Congressional legislation reigning in the abuses of ESG investing by major firms like BlackRock. ESG goals have been exposed for directing client portfolios into ideological investments, which many argue directly conflicts with legal fiduciary responsibilities of investment professionals to their clients.

The Trends Journal has pointed out legal problems and ideological goals of ESG in articles such as:

DeSantis and leaders from other states countered Biden’s veto with an alliance backing state curtailments of ESG investing by companies. In Florida, DeSantis announced legislation:

  • Prohibiting big banks, trusts, and other financial institutions from discriminating against customers for their religious, political, or social beliefs—including their support for securing the border, owning a firearm, and increasing our energy independence.
  • Prohibiting the financial sector from considering so-called “Social Credit Scores” in banking and lending practices that aim to prevent Floridians from obtaining loans, lines of credit, and bank accounts.
  • Prohibiting banks that engage in corporate activism from holding government funds as a Qualified Public Depository (QPD).
  • Prohibiting the use of ESG in all investment decisions at the state and local level, ensuring that fund managers only consider financial factors that maximize the highest rate of return.
  • Prohibiting all state and local entities, including direct support organizations, from considering, giving preference to, or requesting information about ESG as part of the procurement and contracting process.
  • Prohibiting the use of ESG factors by state and local governments when issuing bonds, including a contract prohibition on rating agencies whose ESG ratings negatively impact the issuer’s bond ratings.
  • Directing the Attorney General and Commissioner of Financial Regulation to enforce these provisions to the fullest extent of the law.

Concerning CBDCs, The Trends Journal has long alerted readers to their surveillance and control pitfalls.

For related reading, see:

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