The bill would effectively end the debate over the creation of a Federal Reserve-issued CBDC.
US Congressman Tom Emmer (R-MN) has introduced a bill that would prohibit the Federal Reserve from issuing CBDC directly to anyone.
The bill, titled the “CBDC Anti-Surveillance Act” details that “Except as specifically provided under this Act, a Federal Reserve bank may not provide products or services directly to individuals, or maintain accounts on behalf of individuals, or issue central bank digital currency directly to individuals. It further specifically states that “the Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use central bank digital currency to implement monetary policy.”
Rep. Emmer explained he tweeted announced a bill that “Any digital version of the dollar must uphold American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to the development of dangerous surveillance tools.”
The bill aims to prevent the creation of CBDCs due to various problems that are considered as potential outcomes of the creation of American CBDCs. As detailed in various Bitcoin Magazine pieces like “The Dangerous Implications of Central Bank Digital Currencies,” “Central Bank Digital Currencies: The Technocratic Fallacy” and “The US Central Bank Digital Currency Narrative Is a Fantasy,” the CBDC idea is not alone. have moral and ideological opposition, but technical limitations present challenges that may make such an event impossible.
Several Representatives who participated in the bill also voiced their support. Rep. Barry Loudermilk (R-GA) released a statement said that “Proud to join forces with Rep. Emmer in the legislation to keep food from issuing central bank digital currency. The Fed should focus on the core mission of stable prices and maximum employment, not tracking transactions without limit. In addition, Rep. Andy Biggs (R-AZ) again this pointexplained that “unelected bureaucrats lead us to an authoritarian state. That cannot happen.”