SD Thanks You: Governor Noem vetoes the Central Bank Digital Currency bill
Yesterday Governor Kristi Noem vetoed a bill that could have been a blow to personal freedom and the long term viability of commercial banks.
Late yesterday Governor Noem vetoed HB 1193, a bill that would have set the legal and regulatory framework for Central Bank Digital Currency.
South Dakota should not open the door to a potential future overreach by the federal government. — Governor Kristi Noem
This insidious and complex bill was not good for the citizens of South Dakota or South Dakota banks.
It would have created the legal and regulatory framework so the Federal Reserve (Fed) could implement a digital currency. When the digital conversion occurred there would be no real need for commercial banks because the Fed would control all the funds. At that point, all a commercial bank would do is process loan paperwork and handle other administrative tasks.
Once the private sector was out of the banking system, all the checks and balances would be gone and all kinds of bad things could happen. The government could hyper-inflate like they do in some places in Latin America or they could refuse to loan to people because they don’t like what they do or say. In addition, the government could cut off access to funds based on trumped up charges allowing little recourse for people who have been falsely accused.
This veto was a huge win for personal freedom and a long term blessing for commercial banks.
Thank you Governor Noem for standing up for the people of South Dakota, South Dakota businesses, and our country.
Also, thank you to the Representatives and Senators who voted against this bill:
Rep. Julie Auch (Yankton), Rep. Aaron Aylward (Harrisburg), Rep. Jessica Bahmuller (Alexandria), Rep. Randy Gross (Elkton), Rep. Jon Hansen (Dell Rapids), Rep. Phil Jensen (Rapid City), Rep. Chris Karr (Sioux Falls), Rep. Karla Lems (Canton), Rep. Sue Lucas-Peterson (Sioux Falls), Rep. Elizabeth May (Kyle), Rep. Tina Mulally (Rapid City), Rep. Scott Odenbach (Spearfish), Rep. Marty Overweg (New Holland), Rep. Tony Randolph (Rapid City), Rep. Brandei Schaefbauer (Aberdeen), Rep. John Sjaarda (Valley Springs), Rep. Bethany Soye (Sioux Falls), Sen. Arch Beal (Sioux Falls), Sen. Brent Hoffman (Sioux Falls), Sen. Joshua Klumb (Mitchell), Sen. Tom Pischke (Dell Rapids), Sen. Jessica Castleberry (Rapid City), Sen. Jack Kolbeck (Sioux Falls), Sen. Ryan Maher (Isabel), Sen. Al Novstrup (Sioux Falls), Sen. Frye-Mueller (Rapid City)
* Note: Commercial banks like First Premier, First Dakota National, and First Interstate are different from Money Center Banks (part of the Federal Reserve) like Bank of America.
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