
U.S. House of Representatives Majority Whip Tom Emmer (R-MN) reintroduced his CBDC Anti-Surveillance State Act on Tuesday, a piece of legislation he said was designed to “halt the efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC) that dismantles Americans’ right to financial privacy.”
According to the press release, Emmer was joined by the bill’s 50 original cosponsors in reintroducing the legislation intended to block the Federal Reserve from issuing a digital dollar. They warned such a payment vehicle “could give the federal government the ability to surveil Americans’ transactions and choke out politically unpopular activity.”
Specifically, the CBDC Anti-Surveillance State Act – which was first proposed by Emmer in January 2022 and formally submitted to Congress in February – prohibits the Federal Reserve from issuing a CBDC directly to individuals, ensuring the central bank cannot transform itself into a retail bank able to collect personal financial data on Americans.
But criminals lurk in the shadows in their relentless pursuit of power and domination.
The hearing was a largely partisan affair, in keeping with the fact that the sponsors of the CBDC Anti-Surveillance State Act are all Republicans, with subcommittee chair French Hill (R-AR) saying, “There is no support for a CBDC in Congress except from those on the fringes,” and Rep. Emmer calling CBDCs “a tool the Communists have.”
On the opposite side of the aisle, subcommittee ranking member Stephen Lynch (D-MA) warned of “false narratives and fear-mongering, much of it coming from the cryptocurrency industry itself,” and announced the creation of a congressional Digital Dollar Caucus.
Lynch also used the opportunity to reintroduce his Electronic Currency and Secure Hardware (ECASH) Act, which calls for a Treasury Department pilot program for developing a digital U.S. dollar. Lynch said the pilot would complement a Fed-issued CBDC and make progress toward better financial inclusion for citizens now outside the financial system.
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