• Congressman Tom Emmer (R-MN) has introduced a new bill that would prohibit the Federal Reserve from issuing a CBDC directly to anyone.
• This bill, titled the “CBDC Anti-Surveillance State Act”, aims to stem the creation of a CBDC due to potential issues that could arise.
• Several Representatives have voiced their support for this bill, believing it will protect American values of privacy, individual sovereignty, and free market competitiveness.
Introduction
U.S. Congressman Tom Emmer (R-MN) has introduced a bill that would prohibit the Federal Reserve from issuing a CBDC directly to anyone. The bill is titled the “CBDC Anti-Surveillance State Act” and aims to stem the creation of a CBDC due to potential issues that could arise. Several Representatives have voiced their support for this bill, believing it will protect American values of privacy, individual sovereignty, and free market competitiveness.
Details of Bill
The details of the “CBDC Anti-Surveillance State Act” explain that “Except as specifically authorized under this Act, a Federal Reserve bank may not offer products or services directly to an individual, or maintain an account on behalf of an individual, or issue a central bank digital currency directly to an individual.” It also goes on further detail specifically that “The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any central bank digital currency to implement monetary policy.” Rep. Emmer explained in his tweet announcing the bill that “Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to the development