Breaking: US lawmaker introduces bill to limit Federal Reserve’s control over digital dollar
- Representative Tom Emmer of Minnesota has introduced new legislation in the US House of Representatives to restrict the Federal Reserve from issuing a central bank digital currency,
- If passed, the bill could limit the Fed’s authority concerning CBDCs
Representative Tom Emmer of Minnesota has introduced new legislation in the US House of Representatives to restrict the Federal Reserve from issuing a central bank digital currency, or CBDC. On February 22, he announced his ‘CBDC Anti-Surveillance State Act,’ which seeks to protect Americans’ financial privacy rights. The bill would prohibit the Fed from issuing a digital dollar directly to anyone, bar them from implementing monetary policy based on a CBDC, and require transparency for projects regarding developing a digital dollar.
According to Emmer, “Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness. Anything less would open the door to developing a formidable surveillance tool.”
If passed by both the House and Senate and signed into law by President Joe Biden, Representative Emmer’s bill would amend the Federal Reserve Act to limit the Fed’s authority concerning CBDCs. As Majority Whip for the House, where Republicans currently hold a majority of seats, Emmer is in a prime position to ensure the passage of the legislation. The proposed bill has been welcomed with open arms on social media, particularly among Bitcoiners like Dan Held, who applaud Emmer’s actions in defense of financial privacy and security.
In January 2022, Emmer introduced a bill to limit the Federal Reserve’s authority on a digital dollar in response to China’s “digital authoritarianism” approach to its digital yuan project. This was during the last session of Congress when Republicans held a minority in the House. Throughout his time in office, Rep. Emmer has been a staunch proponent of the crypto industry, pushing for reduced regulation to promote innovation.
In December, he even requested that Securities and Exchange Commission Chair Gary Gensler appear before Congress to explain “the cost of his regulatory failures .” Clearly, Rep. Emmer is passionate about supporting the cryptocurrency sector.
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Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
