GOP Rep. Tom Emmer Introduces Legislation to Prohibit Federal Reserve from Creating Central Bank Digital Currency (CBDC)

House Majority Whip Tom Emmer (MN-06) reintroduced his flagship legislation, the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, signaling a strong countermove against the Biden regime’s overreach into Americans’ financial privacy.

Emmer has rallied a significant bloc of 50 original Republican co-sponsors, underscoring the concern among conservatives about the implications of a government-issued digital currency.

At the core of this legislation is the principle that a Central Bank Digital Currency, unlike decentralized cryptocurrencies like Bitcoin, would give the federal government unprecedented powers to monitor and control individual financial transactions.

“The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,” Whip Emmer said in a statement.

“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” Emmer added.

While the bill is Republican-led, its implications have garnered wide-ranging support. Heritage Action Acting Executive Director, Ryan Walker, stated, “Thorough anti-CBDC legislation is critical for safeguarding Americans’ financial privacy in the face of potential surveillance, control, and political intimidation. We commend Congressman Emmer’s sweeping bill to prohibit a CBDC issued both directly from the Fed to Americans and indirectly via banks or other intermediaries.”

David McIntosh, President of Club for Growth, also offered a strong endorsement: “We fully support this new legislation which ensures America doesn’t go down the China road and the Federal Reserve never develops a CBDC.”

The CBDC Anti-Surveillance State Act aims to:

• Prohibit the Federal Reserve from issuing a CBDC directly to individuals, ensuring the Fed cannot mobilize itself into a retail bank able to collect personal financial data on Americans.
• Prohibit the Fed from indirectly issuing a CBDC to individuals through an intermediary, preventing the Fed from launching a retail CBDC through our two-tier financial system.
• Prohibit the Fed from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy. The legislation protects innovation and any future development of digital cash.

According to the press release, “Whip Emmer first introduced the leading Republican bill to address central bank digital currencies in January of 2022. The bill is now co-sponsored by 50 of Whip Emmer’s Republican colleagues, including Members of the Financial Services Committee, Representatives French Hill (AR-02), Warren Davidson (OH-08), Byron Donalds (FL-19), Pete Sessions (TX-32), Young Kim (CA-40), William Timmons (SC-04), Ralph Norman (SC-05), Barry Loudermilk (GA-11), Bryan Steil (WI-01), Scott Fitzgerald (WI-05), Mike Flood (NE-01), Bill Posey (FL-08), Mike Lawler (NY-17), Andy Ogles (TN-05) and Ann Wagner (MO-02).”

During the press conference, Emmer clarified the intentions behind his legislation.

“Recent actions from the Biden administration have made it clear that they are not only itching to create a digital dollar, but they’re willing to trade [the] right to financial privacy for a surveillance-style CBDC,” Emmer announced. “This bill ensures the future of crypto is in the hands of the American people, not the administrative state.”

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