Emmer tries his luck in passing legislation prohibiting the introduction of US-based CBDC.
Congressman Tom Emmer, along with 49 co-sponsors, has reintroduced a piece of legislation targeting the potential development of a Central Bank Digital Currency (CBDC) by the US Federal Reserve.
Known as the “CBDC Anti-Surveillance State Act,” the bill aims to safeguard the financial privacy rights of Americans.
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Republican Representative Tom Emmer introduced a similar bill focused on CBDCs in January 2022. The legislation was introduced to Congress in February 2023.
In a recent statement, Emmer expressed concern that the Biden administration is willing to sacrifice Americans’ financial privacy for a CBDC that could serve as a surveillance tool.
That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness.
The legislation is explicit in its aims. It not only bars the Federal Reserve from minting a digital dollar but also prevents it from evolving into a retail bank capable of collecting personal financial data from individuals. Additionally, the legislation restricts the central bank from utilizing a CBDC for any monetary policy implementation.
Echoing Emmer’s sentiment, US presidential candidate Robert F. Kennedy Jr. stated in May:
That is why I oppose CBDCs, which will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke.
In a broader context, Emmer had earlier warned about the potential for digital money to be weaponized as the federal government seeks to increase its control over financial systems and transactions.
The reintroduction of the CBDC Anti-Surveillance State Act serves as a crucial moment in the ongoing dialogue about the integration of digital currencies into the US financial system. As the legislative process unfolds, the bill will likely prompt significant debate around these complex and interrelated issues.