According to reports, United States Senator Tom Emmer is back with the bill to stop “unelected bureaucrats in Washington” from creating a central bank digital currency (CBDC).
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CBDC Anti-Surveillance State Act
Tom Emmer and 49 individuals who are original co-sponsors of the “CBDC Anti-Surveillance State Act” reintroduced the bill on September 12 in the US House of Representatives in an effort to defend Americans’ right to financial privacy, they contend.
https://twitter.com/GOPMajorityWhip/status/1701615208567799857
Tom Emmer Against CBDC Launch in the US
The Senator said: “The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC.”
He added: “That’s why 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.”
The law expressly forbids the Fed from providing a CBDC to people, which according to Emmer would prevent it from turning into a retail bank capable of gathering customers’ personal financial information. It also forbids the central bank from putting any CBDC into effect when implementing monetary policy.
Tom Emmer Put Forths Bill to Combat CBDC
In January 2022, Tom Emmer first put forth the bill to combat CBDCs. Its purpose is to prevent the Federal Reserve from producing programmable digital money, which the Congressman contends would be used as a surveillance tool. It was formally introduced to Congress in February 2023.
Weaponization of CBDC
In a March speech at the Cato Institute, a conservative think tank in Washington, D.C.,Emmer argued that embracing the CBDC could potentially be “easily weaponized” as a means of surveillance to “choke out politically unpopular activity.”
Emmer is known for voicing his thoughts and so far, he repeatedly drew attention to the SEC’s relatively chaotic, disorganized, and unsteady working style. He chastised Gary Gensler, the head of the United States SEC, for his approach to regulating cryptocurrencies, labeling him a “bad faith regulator.”
In the meantime, a bill to regulate stablecoins in the area was introduced by MPs from the nation’s House Financial Services Committee in April.
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