Senate Majority Whip Tom Emmer has reintroduced the CBDC Anti-Surveillance State Act, a legislative effort aimed at preventing the Federal Reserve from creating a Central Bank Digital Currency (CBDC).
Key TakeawaysThe bill is motivated by concerns over the potential for government surveillance through the use of CBDCs and seeks to ensure that any digital currency issued by the Federal Reserve upholds the financial privacy and individual sovereignty of Americans.
Specifically, the legislation explicitly forbids the Federal Reserve from issuing a CBDC either directly to individuals or indirectly through intermediaries like banks. The bill also constrains the Federal Reserve from utilizing CBDCs to implement its monetary policies.
While Tom Emmer’s bill has received backing from 50 original Republican co-sponsors and organizations like Heritage Action and Club for Growth, it faces an uphill battle for approval. Current indications suggest that it is unlikely to garner enough votes to pass in the near future.
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