US Legislators Propose Ban on Central Bank Digital Currency
Minnesota Congressman Tom Emmer recently introduced a bill that would ban the Federal Reserve from issuing a central bank digital currency (CBDC) directly to anyone, per a report by Bitcoin Magazine.
The bill is titled the “CBDC Anti-Surveillance State Act” and outlines 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.” The bill adds 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.”
In a tweet that he posted on February 22, 2023, Emmer stated 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 of a dangerous surveillance tool.”
Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy. 👇 pic.twitter.com/lONbHFZMk7
— Tom Emmer (@GOPMajorityWhip) February 22, 2023
The bill’s principal objective is to prevent the creation of a CBDC because of the various issues associated with the creation of an American CBDC such as the facilitation of technocratic tyranny and more government control of people’s economic activity.
Other elected officials supporting the bill such as Georgia Congressman Barry Loudermilk issued a statement declaring that he was “Proud to join forces with Rep. Emmer on legislation to keep the Fed from issuing a central bank digital currency. The Fed should be focused on its core mission of stable prices and max employment, not tracking our transactions indefinitely.” On top of that, Arizona Congressman Andy Biggs doubled down on this point, declaring that “unelected bureaucrats are driving us to an authoritarian state. That can’t happen.”
Opposition to a CBDC should be a no-brainer. This is one of the first steps towards building an anti-fiat money movement that has the ultimate aim of capsizing the Fed. Taking down such a monstrosity won’t happen overnight. Let’s keep this momentum going.