Rep. Tom Emmer Reintroduces Bill To Thwart CBDCs — President Biden Is Compromising Right To Financial Privacy

In a move to safeguard the financial privacy of U.S. citizens, Republican Representative Tom Emmer (R-Minn.) has brought back the “CBDC Anti-Surveillance State Act” in the United States House of Representatives.

What Happened: As reported by Cointelegraph, the legislation was reintroduced by Emmer on September 12, with support from 49 co-sponsors. Designed to block the Federal Reserve from issuing a central bank digital currency (CBDC), Emmer views CBDCs as a potential surveillance tool.

"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," Emmer, a Republican, said in a statement, as reported by Cointelegraph.

Originally proposed by Emmer in January 2022 and first introduced to Congress in February 2023, the bill’s fundamental aim is to prevent the Federal Reserve from becoming a retail bank with the ability to collect personal financial information by issuing CBDCs to individuals.

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In addition to stopping the central bank from using any CBDC to execute monetary policy, the CBDC Anti-Surveillance State Act has received support from several senators, indicating Emmer’s strong opposition to the potential infringement of financial privacy by digital currencies.

Why It Matters: It should be noted that both cryptocurrencies and CBDCs are blockchain-based but while Bitcoin BTC/USD and Ethereum ETH/USD are decentralized, CBDCs are controlled and tracked by a nation-state’s central bank or monetary authority.

The reintroduction of this bill comes amidst growing concerns over the potential misuse of CBDCs for collecting sensitive financial data. According to a Benzinga report from March 2023, Emmer has actively campaigned against the establishment of a digital dollar, suggesting it could be used to collect sensitive financial data of U.S. citizens.

The issue has also been the subject of political discourse, with U.S. Presidential contender Ron DeSantis expressing strong opposition to the implementation of CBDCs in the United States, as reported by Benzinga in July in July 2023.

The debate surrounding CBDCs and financial privacy has led to multiple legislative proposals, including a similar bill introduced by Republican Senator Ted Cruz of Texas in March 2023, as noted in a Benzinga article.

Photo by Igor Faun on Shutterstock

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