GOP Rep. Tom Emmer Introduces Legislation to Block Federal Reserve from Issuing CBDCs in Any Form, Citing Surveillance Risks and Monetary Policy Concerns
House Majority Whip Tom Emmer (MN-06) reintroduced his flagship legislation, the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, signaling a strong countermove against the Biden regime’s overreach into Americans’ financial privacy.
Emmer has rallied a significant bloc of 50 original Republican co-sponsors, underscoring the concern among conservatives about the implications of a government-issued digital currency.
At the core of this legislation is the principle that a Central Bank Digital Currency, unlike decentralized cryptocurrencies like Bitcoin, would give the federal government unprecedented powers to monitor and control individual financial transactions.
“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. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,” Whip Emmer said in a statement.
“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” Emmer added.
While the bill is Republican-led, its implications have garnered wide-ranging support. Heritage Action Acting Executive Director, Ryan Walker, stated, “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.”