Summary

• Rep. Tom Emmer (R-Minn.) introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC).
• The “CBDC Anti-Surveillance State Act” aims to protect the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without prior review and approval from Congress.
• Emmer argued that creating a CBDC could negatively impact financial privacy and individual freedom, as authorities and regulatory entities could use it as a tool to track and control citizens’ spending.

Republican Congressman Introduces Bill to Ban Fed’s CBDC

On February 22, Republican Congressman Tom Emmer of the US House of Representatives introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC). The “CBDC Anti-Surveillance State Act” aims to protect the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without prior review and approval from Congress.

Impact on Financial Privacy and Individual Freedom

Emmer argued that creating a CBDC could negatively impact financial privacy and individual freedom, as authorities and regulatory entities could use it as a tool to track and control citizens’ spending. He further explained that the bill prohibits the Fed from issuing a CBDC directly to anyone, prevents it from using a CBD