US House Committee Votes to Move Forward on Anti-CBDC Bill
The CBDC Anti-Surveillance State Act, sponsored by Rep. Tom Emmer, passed the US House Financial Services Committee with a 27-22 vote. The bill aims to prevent the Federal Reserve from issuing a central bank digital currency (CBDC), citing concerns over financial surveillance and the central bank's potential shift to retail banking. It prohibits the Fed from deploying a CBDC through intermediaries and using it for monetary policy. Emmer argues that a CBDC could enable government surveillance of transactions and restrict spending. Critics warn it represents a threat to individual financial freedom, likening it to tools for control seen in other countries. Emmer first introduced the bill in January 2022, and it previously passed the House in the 118th Congress.
