Bill introduced in US to curb Fed power with CBDC

In the United States, a new bill has been drafted that fights for financial freedom for local people.

Pro-freedom

On February 22, House of Representatives member Tom Emmer introduced the so-called Central Bank Digital Currency Anti-Surveillance State Act. A Central Bank Digital Currency (CBDC) is a new type of digital money issued by the central bank.

The Republican wants to prevent the implementation of monetary policies that take control of the economy. Instead, he wants to promote financial freedom for Americans. Emmer is a representative from the state of Minnesota.

He stated the following on Twitter:

“Today, I introduced the CBDC Anti-Surveillance State Act to prevent unelected bureaucrats in Washington, DC from depriving Americans of their right to financial privacy.”

Bill

The bill should get the following three things done:

  1. The Federal Reserve (Fed) is not allowed to issue CBDCs directly to everyone.
  2. The Fed may not use a CBDC to implement monetary policy and control the economy.
  3. The Fed’s CBDC projects must be transparent to Congress, but also to the American people.

Important note though: this is a bill. Only with a majority of votes in the House and Senate, can it start to make a difference. By the way, the House of Representatives currently does have a Republican majority. Tom Emmer is the House Majority Whip.

He continued:

“Any digital version of the dollar must uphold our American values of privacy, individual sovereignty and free-market competitiveness. Anything less than that opens the door to the development of a dangerous surveillance tool.”

Emmer has championed such issues before. He is known as pro-crypto and also fought against a possible ban on putting bitcoin into pension pots.

Author
  • Ivan Brightly

    Ivan Brightly is a leading cryptocurrency analyst and author with over 5 years of experience in the blockchain and digital asset space. He previously served as a senior analyst at a major cryptocurrency hedge fund where he led quantitative research and trading strategy development.

    Ivan holds a Master's degree in Finance from the London School of Economics and a Bachelor's in Computer Science from Stanford University. He is frequently invited to speak at fintech and blockchain conferences worldwide on topics spanning cryptocurrency trading, blockchain technology, and the future of digital assets.

    Ivan's commentary has been featured in several major finance and technology publications including Forbes, Bloomberg, and CoinDesk. He is considered one of the most insightful voices analyzing new developments in the cryptocurrency and blockchain industry.