Some fake news about Executive Order 14067

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No, Executive Order 14067 Won't Replace US Dollar With Trackable 'Biden Bucks'
Internet posts about the executive order spread dystopian fears about an authoritarian, cashless society.

By Bethania Palma
Published by Snopes


Claim:
Executive Order 14067, signed by President Joe Biden, replaces the U.S. dollar with traceable digital currency that will eliminate constitutional liberties like freedom and privacy.


Rating:



Fact Check

In the summer of 2022, some social media users shared posts alleging that U.S. President Joe Biden signed an executive order that would replace cash with cryptocurrency, and allow the government to track and control people's finances and spending.

"Biden Orders US Dollar Replaced with Trackable 'Spyware' Version," announced a rattling headline from a website called Paradigm Press. Paradigm Press reported Biden's "order" stemmed from Executive Order 14067, titled, "Ensuring Responsible Development of Digital Assets," signed by Biden on March 9, 2022.

The Paradigm Press story dramatically asserts that Section 4 of the order basically sets up a dystopian, authoritarian regime by eliminating cash in favor of government-issued digital currency, allegedly authorizing the following:

The language in Section 4 makes Order 14067……the most treacherous act by a sitting President in the history of our republic.Because Section 4 sets the stage for…Legal government surveillance of all US citizens…Total control over your bank accounts and purchases…And the ability to silence all dissenting voices for good.In this new war on freedom, the Dems aren’t coming for your guns.No, they’re thinking much bigger than that…They’re coming for your money.

The executive order in question doesn't make any of those sweeping changes to the U.S. system of government, nor does it "set the stage" for such changes.

It instead lays out the Biden administration's intent to take a multi-agency government approach to examining the risks and benefits of cryptocurrency. The order, according to the White House, focuses on six areas:

The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.

We found no language in Section 4 of the nine-section order that calls for replacing the U.S. dollar with digital currency, or takes any of the other drastic, unconstitutional steps listed by the Paradigm Press website.

Section 4 instead instructs various federal government agencies to explore the benefits and risks to the U.S. financial system of issuing digital government currency (central bank digital currencies, or CBDCs), and report how such a system would be implemented. The U.S. Attorney General, for example, is required to report whether and what legislation would be needed to in the event the U.S. government would issue CBDCs.

Section 4 also specifically states that, hypothetically, if the U.S. were to implement a future digital monetary system, it would have to protect the rights of citizens in keeping with, "democratic values, including privacy protections, and that ensures the global financial system has appropriate transparency, connectivity, and platform and architecture interoperability or transferability, as appropriate."

The U.S. Federal Reserve stated that the potential issuing of CBDCs would entail the expansion of means of payment, not the elimination of one, namely cash.

"The Federal Reserve is committed to ensuring the continued safety and availability of cash and is considering a CBDC as a means to expand safe payment options, not to reduce or replace them," the agency said.

According to the White House, the move is in response to the rapidly expanding use of cryptocurrencies, with an estimated 16 percent of Americans (about 40 million adults) stating they have used cryptocurrency assets.

"Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country’s sovereign currency," according to a White House fact sheet on the executive order.

According to a tracking tool provided by international policy think tank Atlantic Council, many countries are in various stages of research, testing, piloting, and implementing such currencies.

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TikTok posts
stated on August 29, 2022 in a video:
Executive Order 14067 will allow the federal government to “turn on and turn off your money.”

By Gabrielle Settles

Are we in danger of having our money electronically controlled by the government? That’s what some social media posts warned will happen. But the hype is not true.

Because of Executive Order 14067, "the government will be able to turn on and turn off your money," said a TikTok user in an Aug. 29 video. "See, the paper dollar and the coins and the quarters and the dimes, they want to take it all away. Go digital. Track it all."

But that’s a misinterpretation of the order signed by President Joe Biden in March. The order does not give the government the ability to take away physical currency, nor does it implement a digital currency.

It also doesn’t give the government access to people’s digital funds, a White House spokesperson confirmed.

Instead, Executive Order 14067 directs the government to weigh the risks and potential benefits of using digital assets such as bitcoin, according to a White House fact sheet.

The Federal Reserve System is the central bank of the United States. The order directed the Federal Reserve to research the possibility of using a central bank digital currency in the United States. A central bank digital currency is "virtual money backed and issued by a central bank," according to the Atlantic Council, a nonpartisan think tank.

"At this stage, the Fed is just introducing the subject into the public debate and is weighing the options," Eswar Prasad, a Cornell University economics professor, told The Associated Press in an Aug. 24 story.

A TikTok video claimed that Executive Order 14067 allows the federal government to "turn on and turn off your money."

The order does not implement a digital currency or give the government the power to electronically control it. It also doesn’t eliminate physical currency.

Instead, the order directed the Federal Reserve to weigh the risks of using digital currency and research the possibility of using a central bank digital currency.

We rate this claim False.

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Did President Joe Biden order the replacement of the U.S. dollar with a trackable spyware version of digital money that will give the government control over the bank accounts of all Americans? No, that's not true: None of that language appears anywhere in the order, a spokesman for the U.S. Treasury told Lead Stories.

by: Jennifer Dobner

Biden did sign a March 2022 executive order directing U.S. agencies to research the future of money and digital payment systems, which could lead to the development of a central bank digital currency (CBDC).

The claim appeared in a September 26, 2022, Instagram post under the title "ARE YOU PAYING ATTENTION!?!😡" It includes a video warning that the president has replaced dollars with a "spyware" version of money. It opens:

Where were you on March 9th, 2022 when President Biden signed the death warrant on American freedom? On that day, in a hushed ceremony at the White House, without the approval of Congress, the states or the American people, Biden signed into law Executive Order 14067.

Buried in his order are a few paragraphs titled Section 4. The language in Section 4 makes order 14067 the most treacherous act by a sitting president in the history of our republic, because Section 4 sets the stage for legal government surveillance of all U.S. citizens, total control over your bank accounts and purchases, and the ability to silence all dissenting voices for good.

This is false. Executive Order 14067 does not mandate replacing the dollars with a spyware type of digital currency system that gives the government the power to control the bank accounts of U.S. citizens, surveil their purchases or silence dissent.

None of that language appears anywhere in the order, a spokesman for the U.S. Treasury told Lead Stories in an email on September 29, 2022. It also does not mandate the creation or adoption of national CBDC, the spokesman said.

Rather, the "Ensuring Responsible Development of Digital Assets" order Biden signed on March 9, 2022, calls for a government-wide assessment of the risk, opportunities and benefits of digital currency systems and associated technologies, a White House fact sheet states.

It further lays out six policy priorities, including consumer and investor protection, the stability of the U.S. financial system and U.S. leadership and economic competitiveness in global financial systems.

Under the order, Biden gave federal agencies including Treasury, the State Department, Justice and other relevant departments 180 days to conduct research and prepare a report on the future of money, including an examination of the conditions that drive adoption of digital assets, technology innovations and the impact of modernization and change on payment systems, economic growth, financial inclusion and national security.

Justice released its version of the report on June 6, 2022, and the Commerce Department's report posted to the agency's website on September 1, 2022.

Treasury issued its report to the president on September 16, 2022, the agency spokesperson said, adding that it does not "authorize or endorse the creation of a CBDC."

False claims about this executive order are being widely shared on social media, including on Twitter, Facebook, on investment newsletters and on YouTube. Many rely on the same misleading video source as the September 22, 2022, Instagram post

That video features author and economist James Rickards, who has in the past advised federal agencies and Congress on potential financial threats to the country.

Over 40 minutes, Rickards shares his opinions on the purported dangers of the order's intent to create trackable digital currency -- which he calls "Biden Bucks" -- and promises to share secrets for surviving its effects. Ultimately, the video is a solicitation that invites viewers to join an "elite" group of subscribers to Rickard's monthly "Strategic Intelligence" financial newsletter at a discounted price.
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Some more :

===}Executive order does not usher in cashless society | AP News

===} Fact check: Biden's executive order will evaluate concept of a digital currency, not launch it

Fact Check: There Is NO Plan To Launch US Central Bank Digital Currency In December 2022

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