A group of fifty U.S. lawmakers has reintroduced the CBDC Anti-Surveillance State Act, aiming to prevent the Federal Reserve from issuing a retail central bank digital currency (CBDC) “while safeguarding innovation and the potential development of genuine digital cash.” Congressman Tom Emmer emphasized the importance of protecting Americans’ financial privacy, stating, “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.”
Rep. Emmer and Colleagues Reintroduce CBDC Anti-Surveillance State Act U.S. Congressman Tom Emmer (R-MN) announced on Tuesday the reintroduction of the CBDC Anti-Surveillance State Act, which aims to “prevent unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC) that undermines Americans’ right to financial privacy.”
Rep. Emmer shared on the social media platform X: “Today,
along with 49 of my Republican colleagues, I reintroduced the CBDC Anti-Surveillance State Act.” He elaborated:
“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.”
Emmer clarified that his updated bill prohibits the Federal Reserve from issuing a retail CBDC while ensuring the protection of innovation and the potential development of genuine digital cash. He emphasized that the legislation serves as a check on unelected bureaucrats and aims to uphold American values of privacy, individual sovereignty, and free-market competitiveness.
The CBDC Anti-Surveillance State Act was initially introduced by Majority Whip Emmer in January 2022 to address concerns surrounding central bank digital currencies. The reintroduced bill now has the co-sponsorship of 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 reiterated:
“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.”
He concluded by emphasizing that a CBDC should be open, permissionless, and private, akin to cash. Emmer warned against the potential misuse of a CBDC as a surveillance tool and stated that the House Financial Services Committee would consider his bill this month.
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