US Congressman Tom Emmer introduced the state’s Central Bank Digital Currency (CBDC) Surveillance Act “to stop the efforts of unelected bureaucrats” to “strip Americans of their right to financial privacy.” The bill also prohibits the Federal Reserve from “issuing a CBDC directly to any person.”
State Law Against CBDC Surveillance Introduced
US Congressman Tom Emmer (R-MN) announced Tuesday that he has introduced the state’s Anti-Surveillance of Central Bank Digital Currency (CBDC) Act in the House of Representatives. The newly elected House Majority Whip tweeted:
Today, I introduced the State Law Against CBDC Surveillance to stop the efforts of unelected bureaucrats in Washington, DC to strip Americans of their right to financial privacy.
Emmer explained in a follow-up tweet that the bill “does three things” by amending the Federal Reserve Act. First, it “prohibits the Fed from issuing a CBDC directly to anyone,” the lawmaker wrote. Second, it “prohibits the Federal Reserve from using a CBDC to implement monetary policy and control the economy,” and third, “requires that Federal Reserve CBDC projects be transparent to Congress and the American people.” .
The bill has the support of representatives French Hill, Warren Davidson, Andy Biggs, Mike Flood, Byron Donalds, Pete Sessions, Barry Loudermilk, Young Kim and Ralph Norman.
“Proud to join forces with @GOPMajorityWhip in legis to stop the Fed from issuing a central bank digital currency. The Fed should focus on its primary mission of stable prices and maximum employment, not track our transactions indefinitely,” Rep. Loudermilk tweeted in support of the bill on Wednesday.
Noting that “America remains a technology leader not because we force innovations to adopt our values under regulatory duress, but because we allow technology that holds these values at its core to flourish,” Congressman Emmer emphasized:
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.
Last year, Emmer and US Senator Ted Cruz introduced a similar bill in the House and Senate, respectively. Similarly, Cruz’s bill seeks to prohibit the Federal Reserve from issuing a CBDC directly to individuals and from competing with the private sector. The Texas senator warned that a CBDC could be used “as a direct surveillance tool of the private transactions of Americans.”
What do you think of the state’s CBDC Surveillance Law introduced by Congressman Tom Emmer? Let us know in the comments section.
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