Rep. Emmer renews anti-CBDC bill

Rep. Tom Emmer reintroduced legislation to prevent “unelected bureaucrats in Washington” from issuing a Central Bank digital currency (CBDC).

On Sep. 12, Emmer introduced the CBDC Anti-Surveillance State Act again in the U.S. House of Representatives, with sponsorship from Emmer and co-sponsorship by 49 other representatives. They believe it is necessary to protect the right to financial privacy of Americans.

In a statement, Rep. Emmer argued that the Biden administration is willing to compromise theright to financial privacy of Americans to pursue a CBDC.

In February 2022, Emmer initially introduced the bill to Congress that aimed to restrict the U.S. Federal Reserve from issuing a CBDC. He argued that a CBDC would be a “surveillance tool” undermining American values and freedoms.

Similarly, Emmer’s bill prohibits the Fed from issuing a CBDC directly to individuals, preventing access to individual financial data. This restriction prevents the Fed from becoming a retail bank with access to personal financial data. Furthermore, the bill also prohibits the central bank from using a CBDC to conduct monetary policy.

However, in a statement released in March, Rep. Emmer warned against the “weaponization of money” by the federal government. He argued that the government sought to expand its control over financial markets and institutions.

In May, Robert F. Kennedy Jr., a former U.S. presidential candidate, echoed Emmer’s concerns, stating that the government could use CBDCs to “cut off access to funds with a keystroke.”

Co-sponsors of Emmer’s bill, the CBDC Anti-Surveillance State Act, include Senator French Hill, Congressman Warren Davidson, and Congressman Mike Flood.

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