September 21, 2023 | Image source | Minnesota Representative Tom Emmer’s Bill, the CBDC Anti-Surveillance State Act passed favorably yesterday through the House Financial Services Committee. The anti-central bank digital currency legislative effort has 60 co-Sponsors in the House. A central bank digital currency is programmable government-controlled money, that unlike cash, could give the federal government the ability to restrict and surveil Americans’ transactions.
According to his press release, Emmer has been leading the fight against any Federal Reserve-issued central bank digital currency (CBDC).
“The CBDC Anti-Surveillance State Act prevents the Federal Reserve from issuing a CBDC directly to individuals, ensuring the Fed cannot mobilize into a retail bank able to collect personal financial information on Americans. It prohibits the Federal Reserve from indirectly issuing a CBDC to individuals through an intermediary, preventing the Federal Reserve from launching a retail CBDC via our two-tier financial system. Furthermore, the legislation makes it clear that the Federal Reserve and the U.S. Treasury lack the authority to issue a CBDC without Congressional authorization. The legislation prohibits the Federal Reserve from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy. Finally, the legislation aims to protect innovation and the development of any future digital cash that maintains the privacy protections of cash.”
Rep Emmer stated, “My bill ensures the United States digital currency policy is in the hands of the American people – not the Administrative State – so that it reflects our American values of privacy, individual sovereignty, and free market competitiveness.”
You can read the bill in its entirety, here.
Contact your Representatives and urge their support of H.R. 5403, The CBDC Anti-Surveillance State Act
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