Tom Emmer Reintroduces Bill to Stop 'Unelected Bureaucrats' From Issuing A CBDC

Tom Emmer Reintroduces Bill to Stop ‘Unelected Bureaucrats’ From Issuing A CBDC

Updated: 13 September 2023

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Majority Whip Tom Emmer has reintroduced a bill to prevent ”unelected bureaucrats” from introducing a central bank digital currency (CBDC) that he says could be used for surveillance of the population.

The legislation would prohibit the Federal Reserve Bank from issuing a CBDC directly to individuals, and thus from collecting their data. The updated bill, which is supported by 50 co-sponsors, was first filed in January 2022.

“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,” he said, referring to the Chinese Communist Party. “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.”

🚨Today, with 49 of my Republican colleagues, I reintroduced the CBDC Anti-Surveillance State Act👇https://t.co/mbke95IHBn

— Tom Emmer (@GOPMajorityWhip) September 12, 2023

Emmer’s Bill Advocated as a Counterpoint to China’s CBDC Model

The bill, called the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, is about two conflicting visions for the future of digital currencies, said David McIntosh, president of Club for Growth, and a supporter of the bill.

He says CBDCs will emulate China’s approach, where the government takes a central role in creating, controlling and spying on how people use digital assets. The competing US vision supports a free marketplace that protects consumer data, enables innovation, and encourages competition, he said.

A CBDC represents a digital form of a country’s currency that is both designed and issued by its government. Unlike decentralized cryptocurrencies, a CBDC operates on a digital ledger under the government’s control, potentially allowing for surveillance of financial transactions and the suppression of politically unpopular financial activities.

What: My updated bill prohibits the Fed from issuing a retail CBDC while protecting innovation and any future development of true digital cash.

— Tom Emmer (@GOPMajorityWhip) September 12, 2023

Bipartisan Concerns Over CBDCs

There have been many concerns raised about CBDCs from across political parties. Democratic candidate Robert F. Kennedy Jr. and Republican Florida Governor Ron DeSantis have also both openly criticized CBDCs recently. Governor DeSantis has gone a step further by taking actions to prohibit CBDCs in Florida.