Thu Oct 5, 2023 – 4:30 pm EDT
WASHINGTON, D.C. (LifeSiteNews) – Republican U.S. Rep. Tom Emmer of Minnesota is promoting legislation to forbid the federal government from issuing a Central Bank Digital Currency (CBDC), citing fears that such a move could be used to violate Americans’ privacy or control their economic choices.
H.R.5403, the CBDC Anti-Surveillance State Act, would forbid U.S. Federal Reserve banks from “issu[ing] a central bank digital currency, or any digital asset that is substantially similar under any other name or label, directly to an individual,” and the Federal Reserve’s board of governors and Federal Open Market Committee from “us[ing] any central bank digital currency, or any digital asset that is substantially similar under any other name or label, to implement monetary policy.”
The bill currently has 68 co-sponsors (all Republicans) and cleared the U.S. House Financial Services Committee on September 20 in a 27-20 vote. Emmer previously introduced the bill last year, when it failed to gain traction.
“This bill is simple: It halts the efforts of this Administrative State under President Biden from issuing a financial surveillance tool that will undermine the American way of life,” said Emmer, who is
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