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<\/p>\nMinnesota Representative Tom Emmer has introduced legislation in the United States House of Representatives that could limit the Federal Reserve from issuing a central bank digital currency, or CBDC.<\/p>\n
In a Feb. 22 announcement, Representative Emmer said he had introduced the \u2018CBDC Anti-Surveillance State Act\u2019 in an apparent effort to protect Americans\u2019 right to financial privacy. According to the Minnesota lawmaker, the bill could prohibit the Fed from issuing a digital dollar \u201cdirectly to anyone\u201d, bar the central bank from implementing monetary policy based on a CBDC, and require transparency for projects related to a digital dollar.<\/p>\n
\u201cAny digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness,\u201d said Emmer. \u201cAnything less opens the door to the development of a dangerous surveillance tool.\u201d<\/p>\n
If passed in both the House and Senate and signed into law by President Joe Biden, the bill would amend the Federal Reserve Act to limit the Fed\u2019s authority with respect to CBDCs. Emmer is the Majority Whip for the House, where Republicans currently hold a majority of seats. Cointelegraph reached out to Representative Emmer’s office, but did not receive a response at the time of publication.<\/p>\n
Many on social media lauded the bill as a step in the right direction. Bitcoiner Dan Held applauded Emmer\u2019s actions, with others citing financial privacy as one of the reasons they supported the legislation. <\/p>\n
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Emmer introduced a similar bill in January 2022, during the last session of Congress when Republicans held a minority in the House. At the time, the U.S. lawmaker cited \u201cChina\u2019s digital authoritarianism\u201d in limiting the Fed\u2019s authority on a digital dollar \u2014 China had announced its digital yuan would be available to foreign athletes at the Beijing 2022 Winter Olympics, and continues to move forward with the project.<\/p>\n