The House of Representatives passed a bill prohibiting the government from creating a central bank digital currency (CBDC).
The bill, called the “CBDC Anti-Surveillance State Act,” was introduced in September.
This bill prohibits a Federal Reserve bank from “offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar) directly or indirectly to an individual. Further, The Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency.”
Majority Whip Tom Emmer (R-MN), who introduced the bill, said in a press release celebrating the House vote, “For more than two years, we have worked to educate, grow support, and pass this important legislation, which prevents unelected bureaucrats from issuing a financial surveillance tool to fundamentally undermine our American values.”
“My legislation ensures that the United States’ digital currency policy remains in the hands of the American people so that any development of digital money reflects our values of privacy, individual sovereignty, and free market competitiveness. This is what the future global digital economy needs. We are proud to have led this effort and thank my colleagues for their support.”
Ahead of the vote, Emmer said on the House Floor, “It is naïve to believe that your government won’t weaponize the tools it has to control you. So, it shouldn’t come as any surprise that the appetite for financial surveillance can be an attractive proposition right here at home.
The bill passed 216 to 192, with 213 Republicans voting in favor of the measure.
The Biden White House issued an executive order on the “development of digital assets” in 2022.
“Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country’s sovereign currency,” the order read.
The order called for the “research and development of a potential United States CBDC.”
“This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values,” the order said.
