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:
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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