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.
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