What is the 'CBDC anti-surveillance state act'?

H.R. 5403, the "CBDC Anti-Surveillance State Act," offered by Majority Whip Tom Emmer (MN-06), prevents the Federal Reserve from issuing a CBDC directly or indirectly to individuals or maintaining accounts on behalf of individuals.

Why is anti-CBDC legislation important?

"Thorough anti-CBDC legislation is critical for safeguarding Americans' financial privacy in the face of potential surveillance, control, and political intimidation. We commend Congressman Emmer’s sweeping bill to prohibit a CBDC issued both directly from the Fed to Americans and indirectly via banks or other intermediaries.

What is the central bank digital currencies Act (CBDC)?

The Act, aimed at countering surveillance threats, necessitates Congressional authorization for any issuance of Central Bank Digital Currencies (CBDCs). This move was prompted by warnings from Majority Whip Tom Emmer about the potential misuse of CBDCs as surveillance tools that could potentially undermine American values.

What does CBDC stand for?

Today, the House Financial Services Committee passed eleven pieces of legislation out of Committee that strengthen national security, protects Americans’ financial privacy, and prevents the issuance of a central bank digital currency (CBDC) without explicit authorization from Congress.