Rep. Tom Emmer has reintroduced legislation aimed at preventing “unelected bureaucrats in Washington” from issuing central bank digital currencies (CBDCs).
On September 12, Emmer and 49 original co-sponsors reinstated the CBDC Anti-Surveillance State Act in the U.S. House of Representatives, which they claimed was to protect Americans’ right to financial privacy.
Emmer, a Republican, said in a statement: “The administration has made it clear: President Biden is willing to sacrifice the financial privacy rights of the American people for the sake of a surveillance CBDC.” He added:
“That’s why I’m reintroducing landmark legislation to put a check on unelected bureaucrats and ensure that America’s digital currency policy upholds our values of privacy, individual sovereignty, and free market competitiveness.”
Emmer first introduced a bill to address CBDC issues in January 2022. The bill, formally submitted to Congress in February 2023, aims to restrict the Federal Reserve from minting a programmable digital dollar, which Emmer called a “surveillance tool that will be used to undermine American life.”
Today, I joined 49 of my Republican colleagues in reintroducing the CBDC Counter-Surveillance State Act https://t.co/mbke95IHBn
— Tom Emer (@GOPMajorityWhip) September 12, 2023
The bill specifically bans the Fed from issuing CBDC to individuals, which Emmer said would prevent the Fed from moving into retail banks that can collect personal financial data.
The bill also prohibits central banks from using any CBDC to implement monetary policy.
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In March, Tom Emmer warned against weaponizing currency as the federal government seeks to maintain and expand financial controls.
U.S. presidential candidate Robert F. Kennedy Jr. echoed this sentiment in May, saying: “This is why I oppose a CBDC, it would cut off access to money at the stroke of a keyboard. This greatly amplifies the government’s power to suppress dissent.”
Other supporters of the CBDC Anti-Surveillance State Act include Senators French Hill, Warren Davidson and Mike Flood.
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