US Lawmaker Launches CBDC Anti-Surveillance State Act to Protect Americans’ Right to Financial Privacy

U.S. Congressman Tom Emmer has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act “to halt efforts of unelected bureaucrats” from “stripping Americans of their close to fiscal privacy.” The measure besides prohibits the Federal Reserve “from issuing a CBDC straight to anyone.”

CBDC Anti-Surveillance State Act Introduced

U.S. Congressman Tom Emmer (R-MN) announced Tuesday that helium has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act successful the House of Representatives. The precocious elected House Majority Whip tweeted:

Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats successful Washington, DC from stripping Americans of their close to fiscal privacy.

Emmer elaborated successful a follow-up tweet that the measure “does 3 things” by amending the Federal Reserve Act. Firstly, it “prohibits the Fed from issuing a CBDC straight to anyone,” the lawmaker wrote. Secondly, it “bars the Fed from utilizing a CBDC to instrumentality monetary argumentation and power the economy,” and thirdly, it “requires the Fed’s CBDC projects to beryllium transparent to Congress and the American people.”

The measure is supported by Representatives French Hill, Warren Davidson, Andy Biggs, Mike Flood, Byron Donalds, Pete Sessions, Barry Loudermilk, Young Kim, and Ralph Norman.

“Proud to articulation forces with @GOPMajorityWhip connected legis to support the Fed from issuing a cardinal slope integer currency. The Fed should beryllium focused connected its halfway ngo of unchangeable prices and max employment, not tracking our transactions indefinitely,” Rep. Loudermilk tweeted successful enactment of the measure connected Wednesday.

Noting that “America remains a technological person not due to the fact that we unit innovations to follow our values nether regulatory duress, but due to the fact that we let exertion that holds these values astatine their halfway to flourish,” Congressman Emmer stressed:

Any integer mentation of the dollar indispensable uphold our American values of privacy, idiosyncratic sovereignty, and escaped marketplace competitiveness. Anything little opens the doorway to the improvement of a unsafe surveillance tool.

Last year, Emmer and U.S. Senator Ted Cruz introduced a akin measure successful the House and Senate, respectively. Cruz’s measure likewise seeks to prohibit the Federal Reserve from issuing a CBDC straight to individuals and competing with the backstage sector. The legislator from Texas warned that a CBDC could beryllium utilized “as a nonstop surveillance instrumentality into the backstage transactions of Americans.”

What bash you deliberation astir the CBDC Anti-Surveillance State Act introduced by Congressman Tom Emmer? Let america cognize successful the comments conception below.

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