What does CBDC stand for?

In a vote of 216 - 192, the House of Representatives passed Emmer’s bill that would prohibit the Federal Reserve from issuing a surveillance-style central bank digital currency (CBDC) that could give the federal government the ability to monitor and control individual Americans’ spending habits.

What is a CBDC & how does it work?

In short, a CBDC is government-controlled, programmable money, that if not designed to emulate the privacy protections of cash, could give the federal government the ability to surveil Americans’ transactions and suppress politically unpopular activity.

What is the CBDC Bill?

Specifically, this bill bars the Federal Reserve from directly issuing a CBDC to individuals, preventing the Fed from becoming a retail bank that gathers personal financial information on American citizens.