Tom Emmer, a member of the U.S. House of Representatives, a watchdog involved in the post-FTX saga lawsuit, has proposed legislation prohibiting the Federal Reserve from issuing a CBDC to any individual directly in the U.S.
According to the CBDC Anti-Surveillance State Act, Federal Reserve banks may not supply products or services directly to a person, keep an account on that individual’s behalf, or issue an immediate central bank digital currency to an individual, unless as explicitly permitted under this act.
Specifically, it stipulates that the Federal Open Market Committee, in conjunction with the Board of Governors of the Federal Reserve System, prohibits using any central bank digital currency to act on monetary policy.
The bill stipulates that any digital version of the dollar must maintain its American ideals of privacy, individual sovereignty, and free market competition.
“Anything less invites the creation of a risky surveillance device.”Tom Emmer, member of the US House of Representatives.
The bill attempts to prevent the formation of a CBDC in the United States due to the numerous problems that some fear would arise if such a corporation were allowed to operate inside the country.
Bill receives backing from members of congress
There is bipartisan support for this measure in the House of Representatives, with many congress members expressing their approval.
For example, to prevent the Federal Reserve from launching a central bank digital currency, Rep. Barry Loudermilk said he was “happy to join forces with Representative Tom Emmer on legislation.”
According to Loudermilk, peoples’ transactions shouldn’t be tracked endlessly, and the Fed should focus on achieving price stability and full employment. Rep. Andrew Biggs echoed this sentiment, saying that unelected bureaucrats could push the public to an authoritarian state.