Update: Tennessee Programmable Money and Cash Bills
Last week we asked Solari subscribers and allies in Tennessee to contact members of the House Banking and Consumer Affairs Subcommittee and the Senate Commerce Committee regarding legislation designed to protect citizens from programmable money and preserve the right to use cash. Unfortunately, these pieces of legislation did not advance out of committee. While the outcome is disappointing, we want to thank everyone who took the time to call and email legislators. Public engagement on issues related to financial privacy, cash, and programmable money remains critically important.
Catherine Austin Fitts testified about the risks of programmable money and why we need to protect the right to use cash. You can read and watch Catherine's testimonies here:
https://solari.com/testimony-of-catherine-austin-fitts-on-cash-and-programmable-money-bills-in-tennessee-legislature/
In the House Banking and Consumer Affairs Subcommittee, Representatives Keisling and Lynn voted in favor of the programmable money bill, while Representatives Darby, Hemmer, Marsh, and Vaughan voted against it. Representative Hale was present but did not vote.
Although the bill did not advance, Representatives Keisling and Lynn stood up to support the principle that Tennesseans should be able to transact freely without programmable restrictions placed on their money. If you have a moment, please consider sending them a brief thank-you email. Legislators rarely hear from citizens when they take a principled stand, and a short message of appreciation can make a real difference. A simple note expressing thanks for supporting legislation that would protect Tennesseans from programmable money and preserve the right to transact freely is more than enough. Their emails are: rep.susan.lynn@capitol.tn.gov, rep.kelly.keisling@capitol.tn.gov
You are also welcome to reach out to the other members of the committee to ask why they voted no.
The mandatory cash acceptance bill was heard in the Senate Commerce Committee. Members of the committee voiced their concerns over the logistics of forcing businesses to accept cash ultimately voted to summer study the bill. While this means the legislation will not move forward this session, it also means the issue remains open for further discussion and consideration. Summer study provides an opportunity for legislators to examine the issue more closely and hear additional testimony on why protecting the ability to use cash remains important in an increasingly digital financial system.
Switzerland Moves to Protect Cash
In Switzerland, citizens recently voted to enshrine the availability of cash in their constitution, ensuring that physical currency remains a protected part of the nation’s monetary system.
The vote reflects growing concern about the risks of a fully digital and programmable payment environment.
You can read more about the Swiss vote here:
https://www.politico.eu/article/switzerland-cash-right-constitution-vote/
The Swiss decision underscores an important point: as payment technologies evolve, societies must decide whether financial systems will remain tools of freedom and independence or become systems of control and restriction.
March Legislative Briefing: "A Legislator's Guide to Programmable Money - Part Two"
Our March 26 briefing will serve as a follow-up to the in-depth discussion of the Solari Model Legislation, The Consumer Payment Rights and Transparency Act, presented during our February briefing with David Liechty.
David Liechty will also host the March session, with Elizabeth Murphy, Carolyn Betts and Catherine Austin Fitts joining the discussion. The briefing will provide an update on the current status of state legislation related to programmable money, discuss lessons learned during the legislative process, and address several questions that were raised during the February briefing in greater depth.
David Liechty is a banking compliance and intellectual property attorney with more than twenty years of experience advising private clients, U.S. banks, and U.S. branches of foreign financial institutions on intellectual property matters, banking regulatory compliance, financial crime risk, and governance.
Please join us for this important briefing by registering here:
https://us02web.zoom.us/webinar/register/WN_YX5NwfEWSy277YU3lxocZg#/registration
In freedom,
The Solari Team
