US House Advances Anti-CBDC Legislation

US House Committee Advances Anti-CBDC Bill

• The CBDC Anti-Surveillance State Act passed the US House Financial Services Committee with a 27-22 vote.
• Sponsored by Rep. Tom Emmer (R-MN), the bill aims to prevent the Federal Reserve from issuing a digital dollar.
• The legislation cites concerns over financial surveillance and transforming the central bank into a retail banking entity.
• The bill prohibits the Fed from indirectly deploying a CBDC through intermediaries and using it for monetary policy.
• Emmer argues that CBDCs could lead to government-controlled programmable money, risking privacy and transaction freedom.

The US House Financial Services Committee’s approval of the CBDC Anti-Surveillance State Act, with a narrow 27-22 vote, highlights significant concerns about potential government overreach in financial surveillance.