Fifty U.S. lawmakers have reintroduced the CBDC Anti-Surveillance State Act to prohibit the Federal Reserve from issuing a retail central bank digital currency “while protecting innovation and any future development of true digital cash.” Congressman Tom Emmer stressed: “President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. I don’t believe in compromising Americans’ rights.”
CBDC Anti-Surveillance State Act Updated, Reintroduced
U.S. Congressman Tom Emmer (R-MN) announced Tuesday that he and 49 other lawmakers have reintroduced the CBDC Anti-Surveillance State Act “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.”
Rep. Emmer posted on social media platform X: “Today, with 49 of my Republican colleagues, I reintroduced the CBDC Anti-Surveillance State Act.” The congressman explained:
If not designed to emulate cash, a government digital currency would dismantle Americans’ right to financial privacy & embolden the Administrative State. I won’t let that happen.
“My updated bill prohibits the Fed from issuing a retail CBDC while protecting innovation and any future development of true digital cash,” Emmer clarified. “This bill puts a check on unelected bureaucrats and ensures the U.S. digital currency policy upholds our American values of privacy, individual sovereignty, and free-market competitiveness.”
Majority Whip Emmer first introduced the bill to address central bank digital currency concerns in January 2022. The bill is now co-sponsored by Emmer’s Republican colleagues, including Representatives French Hill (R-AR), Warren Davidson (R-OH), Byron Donalds (R-FL), Pete Sessions (R-TX), Young Kim (R-CA), William Timmons (R-SC), Ralph Norman (R-SC), Barry Loudermilk (R-GA), Bryan Steil (R-WI), Scott Fitzgerald (R-WI), Mike Flood (R-NE), Bill Posey (R-FL), Mike Lawler (R-NY), Andy Ogles (R-TN), and Ann Wagner (R-MO).
Rep. Emmer stressed:
The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. I don’t believe in compromising Americans’ rights.
“Bottom Line: If not open, permissionless, and private — like cash — a CBDC is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life,” the lawmaker concluded, adding that the House Financial Services Committee will consider his bill this month.
What do you think about Rep. Tom Emmer’s CBDC Anti-Surveillance State Act? Let us know in the comments section below.