House Majority Whip Tom Emmer (R-MN) accused The White House of attempting to introduce an “authoritarian-style” and “surveillance-style” digital dollar through executive orders.
In March 2022, President Joe Biden signed an executive order requiring the Federal Reserve to research, experiment, and evaluate the risks and benefits of a digital dollar.
Emmer introduced the CBDC Anti-Surveillance Act to ban “unelected bureaucrats” in DC from issuing a central bank digital currency in the US. CBDC critics argue that it can compromise financial privacy, allowing the purchases of every American to be profiled and tracked.
We obtained a copy of the bill for you here.
The bill would also require the Federal Reserve to be held accountable in the development and research of a CBDC.
“The consequences, if we get it wrong, are far too serious,” Emmer said at a news conference. “The Biden administration is currently itching to create a digital authoritarian-style, surveillance-style digital dollar through an executive order.”
He added that there is a need for transparency in the development of CBDC and to protect the financial privacy of Americans.
“We need these common-sense guardrails to prevent unelected bureaucrats here in Washington from sacrificing Americans’ right to financial privacy,” he said. “We do not want to emulate the CCP. We should not be taking our direction from the Communist Party of China.”
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