US Congressman Tom Emmer Introduces CBDC Anti-Surveillance Act
Tom Emmer, a Minnesota Congressman, has tweeted that he has introduced a new bill, the CBDC Anti-Surveillance Act, to the Senate. As stated by Emmer, the bill’s objective is to prevent the government from infringing on the financial privacy of Americans.
Emmer Against The Government’s Use Of CBDC For Surveillance
Tom Emmer does not support the Federal Reserve’s plan to launch a Central Bank Digital Currency (CBDC). He believes it would grant the government extraordinary levels of financial authority and surveillance capabilities, similar to what exists in China.
Emmer further elaborated on the proposed legislation, outlining its three key objectives. The initial objective is to restrict the Federal Reserve from issuing a CBDC to any individual or entity.
In addition, the legislation also prohibits the Federal Reserve from utilizing a CBDC as a tool for implementing monetary policy and managing the economy. Lastly, it mandates that the Fed ensures complete transparency to Congress and the American public regarding its CBDC initiatives.
Despite the United States lagging behind other nations in CBDC planning, Tom Emmer remains apprehensive about using CBDCs as government surveillance. Meanwhile, the lawmaker underscored that any digital version of the US dollar must safeguard fundamental American values such as privacy, free market competitiveness, and individual autonomy.
He warned that any deviation from these principles could enable the creation of a hazardous surveillance tool that threatens the security and liberty of citizens. Emmer also noted that the bill had received significant support from various quarters.
French Hill, the Vice-Chairman of the House Committee on Financial Services and the newly appointed Chairman of the digital asset subcommittee, was among the advocates of the proposed bill.
Emmer Attacks SEC For Its Anti-Crypto Stance
Emmer commenced his campaign against issuing a CBDC in January 2022. He emphasized prioritizing blockchain technology with unique American characteristics instead of imitating China’s digital authoritarianism, driven by fear.
Emmer stressed that it was imperative to approach the issue thoughtfully and cautiously to preserve American ideals and principles. Meanwhile, the Congressman has also attacked other regulators.
In July, the Minnesota Congressman criticized the SEC and its Chairman, Gary Gensler. He accused the agency of employing enforcement measures to augment its jurisdiction, resulting in a loss of public resources and trust.
Emmer described the SEC under Gensler’s leadership as an authority overly focused on amassing power. However, anti-CBDC advocates can take solace because the US is significantly behind the rest of the world in CBDC development.
Per the Atlantic Council CBDC tracker, 11 countries have already introduced a CBDC. All 11 countries are located in the Caribbean except Nigeria.
Moreover, 17 other nations are presently conducting trials, while 72 others are still in the R&D stage.
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