House Majority Whip Tom Emmer (R-Minn.) has introduced legislation that seeks to prevent the Federal Reserve from issuing a central bank digital currency (CBDC), while insisting that a digital equivalent to the dollar must uphold privacy and sovereignty.
The “CBDC Anti-Surveillance State Act” prohibits the Federal Reserve from issuing a CBDC directly to an individual. “The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any central bank digital currency to implement monetary policy,” the bill states. It also requires that the Fed’s CBDC projects be transparent to lawmakers and the American people by insisting that quarterly reports on such initiatives be submitted to Congress.
