(AmericanProsperity.com) – GOP Majority House Whip Tom Emmer announced on September 13 that he’s reintroducing legislation that will formally ban the US Federal Reserve from creating a Central Bank Digital Currency, also known as CBDC. The Republican leader introduced the Central Bank Digital Currency Anti-Surveillance State Act originally back in February. He decided to reintroduce the legislation ahead of a hearing in front of Congress’ Financial Services Committee.
In a statement, Emmer explained that “recent actions” taken by the Biden administration show they are not only planning to create a “digital dollar” but also to trade everyone’s right to “financial privacy.” He claimed that the Biden administration would make this happen with the creation of the “surveillance-style CBDC.”
US President Joe Biden signed an executive order back in 2022 to explore the creating a CBDC as soon as possible. While some analysts pointed out this could have some positive effects on the US economy in the future, others said this could threaten Americans’ financial independence and privacy.
During an interview with the Daily Caller in July, Republican Tennessee Representative Andy Ogles claimed that the implementation of this CBDC in the country could happen in less time than expected. He told the media outlet that the US Federal Reserve has already conducted some pilot programs and studies to determine the viability of this project.
Ogles also explained this is something that should alarm every American, as the federal government is conducting a “dangerous experiment” that would increase the state’s control over people. He noted that what should scare everyone is that the Chinese regime implemented the same type of CBDC, and it didn’t result in more freedom.
In his statement, Emmer added that the legislation guarantees that the future of cryptocurrencies is in the hands of all Americans instead of the administrative state. He pointed out that his bill would make it happen by preventing the Federal Reserve from becoming a “CCP-style surveillance tool” that could eventually oppress the people.
Copyright 2023, AmericanProsperity.com