Rep. Tom Emmer (R-MN) introduced legislation to ban the Federal Reserve from creating a central bank digital currency (CBDC).
“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,” Emmer wrote.
“We’re not going to let that happen – not on House Republicans’ watch.”
“I reintroduced a bill yesterday called the ‘Central Bank Digital Currency Anti-Surveillance State Act,’ which puts in check on unelected bureaucrats and ensures that the United States’ digital currency policy upholds our values of privacy, individual sovereignty and free market competitiveness,” Emmer said.
“Recent actions from the Biden administration have made it clear that they are not only itching to create a digital dollar, but they’re willing to trade Americans’ right to financial privacy for a surveillance-style CBDC,” he continued.
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.
Today, Majority Whip Tom Emmer (MN-06) reintroduced his flagship legislation, 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. He is joined by 50 original cosponsors.
Unlike decentralized cryptocurrencies, like Bitcoin, a CBDC is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government. In short, a CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil Americans’ transactions and choke out politically unpopular activity.
“Thorough anti-CBDC legislation is critical for safeguarding Americans’ financial privacy in the face of potential surveillance, control, and political intimidation. We commend Congressman Emmer’s sweeping bill to prohibit a CBDC issued both directly from the Fed to Americans and indirectly via banks or other intermediaries. All members of Congress should support this measure to protect individual liberty and prevent threats of government coercion through the financial sector,” said Ryan Walker, Acting Executive Director, Heritage Action.
Majority Whip Reintroduces Anti-CBDC Bill To Stop Unelected Bureaucrats “Undermining The American Way Of Life” https://t.co/yLzuvzTJeK
Emmer first proposed the bill to address CBDCs in January 2022. It was formally introduced to Congress in February 2023 with the aim of limiting the Federal Reserve from minting a programmable digital dollar, which Emmer claims is a “surveillance tool that would be used to undermine the American way of life.”
The bill specifically prohibits the Fed from issuing a CBDC to individuals, which Emmer says would stop it from mobilizing into a retail bank able to collect personal financial data.
The bill also prohibits the central bank from using any CBDC to implement monetary policy.
In March, Emmer warned against the weaponization of money as the federal government seeks to maintain and expand financial control.
U.S. presidential candidate Robert F. Kennedy Jr. echoed the sentiment in May, stating, “That is why I oppose CBDCs, which will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke,”