• U.S. Congressman Tom Emmer has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to protect Americans‘ right to financial privacy.
• The bill seeks to prohibit the Federal Reserve from issuing a CBDC directly to anyone and using it for monetary policy control.
• It is supported by various other U.S. lawmakers, who believe that any digital version of the dollar must uphold American values of privacy, individual sovereignty, and free market competitiveness.
U.S. Lawmaker Launches CBDC Anti-Surveillance State Act
U.S. Congressman Tom Emmer has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act „to halt efforts of unelected bureaucrats“ from „stripping Americans of their right to financial privacy.“ The bill also prohibits the Federal Reserve „from issuing a CBDC directly to anyone.“
Purpose of the Bill
The purpose of this bill is to protect Americans‘ right to financial privacy by prohibiting the Federal Reserve from issuing a CBDC directly to individuals and competing with the private sector. It also bars the Fed from using a CBDC for monetary policy control and requires its projects related to CBDCs be transparent both Congress and citizens alike.
Support for Bill
The bill is supported by Representatives French Hill, Warren Davidson, Andy Biggs, Mike Flood, Byron Donalds, Pete Sessions, Barry Loudermilk, Young Kim, and Ralph Norman amongst others who believe that any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness in order for technological innovation flourish in America
Similar Bill Introduced Last Year
Last year a similar bill was proposed in both House and Senate by U.S Congressman Tom Emmer and Senator Ted Cruz respectively seeking similar prohibitions on Federal Reserve’s use of CBDCs as mentioned above .
Conclusion
In conclusion , this new bill seeks to ensure American’s right to financial privacy while also promoting technological advancement in America through upholding key American values such as freedom , independence ,privacy etc .