Rep. Tom Emmer has introduced a bill to ban the Federal Reserve from creating a central bank digital currency.
“A CBDC is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life,” the Minnesota congressman said in remarks he made after introducing the CBDC Anti-Surveillance State Act.
A CBDC is a digital form of central bank money that is available to the general public. Central bank money refers to money that is a liability of the central bank.
In the United States, there are currently two types of central bank money: physical currency issued by the Federal Reserve and digital balances held by commercial banks at the Federal Reserve.
While Americans have long held money predominantly in digital form, such as bank accounts, payment apps like Venmo, or through online transactions, a CBDC would differ because a it would be a liability of the Federal Reserve, rather than a commercial bank.
CBDC is also different from decentralized cryptocurrencies, like Bitcoin, because a CBDC is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government.
In short, a CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil Americans’ transactions and choke out politically unpopular activity.
The CBDC Anti-Surveillance State Act, to halt the efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency that dismantles Americans’ right to financial privacy, Emmer said. He is joined by 50 original cosponsors on his legislation.
“The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,” Emmer said.
Club for Growth President David McIntosh said that the CBDC concept is a form of social tracking, such as is found in China.
“Two world visions for the future of digital currencies are in conflict: China and a Central Bank Digital Currency (CBDC) where government creates digital assets and surveils, spies, monitors, and restricts consumer behavior versus an American free marketplace that enables private competition that protects consumer data, allows economic freedom, enables innovation, and encourages competition. Club for Growth is pleased to work with House Majority Whip Tom Emmer so America doesn’t go down the China road and the Federal Reserve never develops a CBDC. We fully support this new legislation which does just that,” McIntosh said.
Specifically, the CBDC Anti-Surveillance State Act prohibits the Federal Reserve from issuing a CBDC directly to individuals, ensuring the Fed cannot mobilize itself into a retail bank able to collect personal financial data on Americans. It prohibits the Fed from indirectly issuing a CBDC to individuals through an intermediary, preventing the Fed from launching a retail CBDC through our two-tier financial system.
It also prohibits the Fed from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy. The legislation protects innovation and any future development of digital cash.
Whip Emmer first introduced the leading Republican bill to address central bank digital currencies in January of 2022.
The bill is now co-sponsored by 50 of Whip Emmer’s Republican colleagues, including Members of the Financial Services Committee, Representatives French Hill (AR-02), Warren Davidson (OH-08), Byron Donalds (FL-19), Pete Sessions (TX-32), Young Kim (CA-40), William Timmons (SC-04), Ralph Norman (SC-05), Barry Loudermilk (GA-11), Bryan Steil (WI-01), Scott Fitzgerald (WI-05), Mike Flood (NE-01), Bill Posey (FL-08), Mike Lawler (NY-17), Andy Ogles (TN-05) and Ann Wagner (MO-02).
This directly parallels the effort we made to ban central bank digital currencies in the Alaska State Legislature in May. Unfortunately, the amendment failed to pass (‘https://www.akleg.gov/basis/Journal/Pages/33?Chamber=H&Bill=HB%20%20%203&Page=01007#AM2).
It was once thought inconceivable that the government could forbid an individual or a group of individuals from buying or selling. With the recent announcement of G20 support for the implementation of central bank digital currencies this thought is no longer inconceivable.
To maintain any semblance of freedom in this country we must never permit government to exercise such a power. Please encourage your legislators, in Juneau and in DC, to ban the use of government-issued digital currencies immediately.
Thank you Rep. Eastman. Everyone should follow his attached link and read the names of the “representatives” who voted against this piece of legislation. All 32 of them should be contacted.
What the heck is with McCabe? He goes against anything and everything that Eastman brings up. McCabe appears to have a personal hate against Eastman that prevents him from being professional and honestly represent his constituents. Let your hate go McCabe and work for the People of Alaska. It amazes me that he does this, yet his wife moves easily in the Republican circles? Is she hanging out in the Republican circles and reporting back to McCabe?
All of those that voted Nay are pushing us into the globalist 15-minute cities and eventually to our deaths if we do not stop these human-hating monsters.
The taxpayers should all be in the same mindset of no more government control and over site. If the digital dollars is implemented then we should create an underground monetary system. The government is looking for total control of our lives. We they are going to find out who wants their rights taken away under the ruse that it’s a good thing you will save money and time. But really they will control your daily lives by telling you what you can and can’t do with your hard earned money.
Thank you, Representative Emmer!
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A state surveillance tool weaponized to oppress the American way of life is bad enough.
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A hackable digital currency seems far worse.
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Think inflation’s bad now? What happens when, not if, state actors like the Communist Chinese hack into your government-controlled programmable money, fill it up with enough ones and zeros to make it worthless?
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What happens to the dollar’s world reserve currency status when state actors like the Communist Chinese hack into America’s government-controlled programmable money and fill it up with enough ones and zeros to make it worthless?
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One thing sure to happen is America’s governments won’t be able to borrow money any longer because they’ll have no money to repay what they already owe… which means the Mother of all government shutdowns could be right around the corner if the CCP hacks the CBDC.
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Central Bank Digital Currency advocates don’t seem to be lining up to pledge their lives and fortunes that CBDC can never be hacked, never be weaponized against Americans, so… in the absence of such assurances, what are we to expect?
Digital is unconstitutional. Legal tender in the United States will be either paper or coin, as stated in the Constitution.
Everyone will have the same low standard of living, live in collective apartments and use a currency that surely will be used against the people and run by unelected bureaucrats – sounds just like the Anchorage municipal assembly’s wish list.
The first step in going cash-less.
Joe Biden is working very hard for his real employer.
He and his entire family have been entirely bought out and showered with gifts and shiny diamonds.
All the shutting down of energy production is a direct order from Xi in an effort to preserve those valuable resources for China when the timing is right for them to collect on borrowed debt.
He has sold out America for his own family gain of wealth while pimping his son out as a prostitute.
CBDC ties in with EVERYTHING that the globalists want for us. 15 minute cities, food, where we will live, transportation, heat, electricity, clothing – EVERYTHING. They will be able to shut us down with a click if we do not act like good little serfs. If they can establish this, we better have our parallel economy set up so that we can continue on with life in some fashion.
We need to abolish the federal reserve. It’s nothing bush a bunch of private bankers looking out for themselves and was created in the middle of the night by a bunch of criminals.
The creature from Jekyll Island.
I cringe nowadays whenever I hear or read the word “digital”, as it almost invariably means the destruction of privacy and the loss of individual freedom.
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