The bill would effectively end the debate over the creation of a Federal Reserve-issued CBDC.
US Congressman Tom Emmer (R-MN) introduced a bill that would prohibit the Federal Reserve from issuing a CBDC directly to anyone.
The bill, titled the “CBDC Anti-Surveillance State Act” states that “except as expressly authorized under this Act, a Federal Reserve Bank may not offer products or services directly to an individual, or maintain a account in the name of an individual, or issue digital currency from the central bank directly to an individual. may use any central bank digital currency to implement monetary policy.”
Representative Emmer explained in his tweet announcing the bill that “any digital version of the dollar must respect our American values of privacy, individual sovereignty, and competitiveness in the free market. Anything less opens the door to the development of a dangerous surveillance tool.
The bill is intended to stem the creation of a CBDC due to the various issues that many see as potential results of the creation of a US CBDC. As detailed in various Bitcoin Magazine articles like “The Dangerous Implications of Central Bank Digital Currencies,” “Central Bank Digital Currencies: A Technocratic Mistake,” and “The U.S. Central Bank Digital Currency Narrative Is a fantasy,” the idea of a CBDC not only has moral and ideological opposition, but the technical limitations present challenges that might make such a thing impossible in the first place.
Several representatives involved in the bill have also expressed their support. Representative Barry Loudermilk (R-GA) posted a statement saying he was “proud to partner with Representative Emmer on legislation to prevent the Fed from issuing a central bank digital currency. The Fed should focus on its primary mission of price stability and maximum employment, not on endlessly monitoring our transactions. Additionally, Rep. Andy Biggs (R-AZ) reiterated this point, explaining that “unelected bureaucrats are leading us to an authoritarian state. It can’t happen.