Rep. Tom Emmer Renews Push for Anti-CBDC Bill in Congress

On September 12, Representative Tom Emmer, along with 49 original co-sponsors, reintroduced the "CBDC Anti-Surveillance State Act" in the United States House of Representatives. This move aims to safeguard the financial privacy of Americans by restricting the issuance of a central bank digital currency (CBDC), which Emmer characterizes as a potential surveillance tool.

Protecting Financial Privacy Amid CBDC Concerns

Emmer, a Republican, expressed concerns that the Biden administration's stance on CBDCs could compromise the financial privacy of U.S. citizens. He reiterated his commitment to preventing unelected officials from implementing a CBDC that might infringe upon American values of privacy, individual sovereignty, and free-market competitiveness.

A Long-Standing Opposition to CBDCs

This legislative effort isn't new; Emmer first introduced the bill to address CBDCs in January 2022. It was formally presented to Congress in February 2023 with the primary goal of preventing the Federal Reserve from creating a programmable digital dollar. Emmer contends that such a digital currency could be exploited as a surveillance tool detrimental to the American way of life.

Key Provisions of the Anti-CBDC Bill

The bill explicitly prohibits the Federal Reserve from issuing a CBDC to individuals, thereby thwarting its potential transformation into a retail bank capable of collecting personal financial information. Additionally, the legislation bars the central bank from using any CBDC as a tool for implementing monetary policy.

Concerns Over the Weaponization of Money

Emmer's efforts reflect broader concerns about the government's increasing control over financial matters. In March, he cautioned against the weaponization of money as the federal government sought to expand its financial control. Similar sentiments have been echoed by figures such as U.S. presidential candidate Robert F. Kennedy Jr., who warned of the government's enhanced power to stifle dissent through CBDCs.

Bipartisan Support for the CBDC Anti-Surveillance State Act

Supporters of the CBDC Anti-Surveillance State Act include Senators French Hill, Warren Davidson, and Mike Flood, highlighting bipartisan concern about the potential implications of CBDCs on financial privacy and government power.