The CBDC Anti-Surveillance State Act has been reintroduced by 50 US lawmakers to forbid the Federal Reserve from creating a retail central bank digital currency “while protecting innovation and any future development of true digital cash.” “President Biden is willing to compromise the American people’s right to financial privacy for a CBDC that operates like a surveillance agency,” Congressman Tom Emmer emphasized. I oppose undermining the rights of Americans.
CBDC Anti-Surveillance State Act Updated, Reintroduced
The CBDC Anti-Surveillance State Act has been reintroduced, according to U.S. Congressman Tom Emmer (R-MN), along with 49 other lawmakers, to “stop the efforts of unelected bureaucrats in Washington, D.C., from issuing a central bank digital currency (CBDC) that dismantles Americans’ right to financial privacy.”
On social media site X, Rep. Emmer wrote: “Today, with 49 of my Republican colleagues, I reintroduced the CBDC Anti-Surveillance State Act. The representative clarified:
A government digital currency, if not created to mimic actual cash, would undermine Americans’ right to financial privacy and empower the administrative state. I won’t permit that to occur.
“My updated bill prohibits the Fed from issuing a retail CBDC while protecting innovation and any potential future development of true digital cash,” Emmer said. “This bill puts a check on unelected bureaucrats and ensures that the U.S. digital currency policy upholds our American values of privacy, individual sovereignty, and free-market competitiveness.”
In order to address concerns about central banks’ digital currencies, Majority Whip Emmer originally submitted the bill in January 2022. Republicans Warren Davidson, Byron Donalds, Pete Sessions, Young Kim, William Timmons, Ralph Norman, Barry Loudermilk, Bryan Steil, Scott Fitzgerald, Mike Flood, Bill Posey, Mike Lawler, Andy Ogles, Ann Wagner, and others have joined Emmer in co-sponsoring the measure.
The senator continued by saying that his proposal will be discussed by the House Financial Services Committee this month. “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,” he said.
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