House Passes Anti-CBDC Bill to Prevent Financial Surveillance of Americans

Contact Your Elected Officials
The Epoch Times Header

Unlike decentralized cryptocurrencies, a CBDC is a digital version of a currency that is designed, issued, and controlled by a government, Rep. Tom Emmer said.

The U.S. House of Representatives passed a bill preventing the government from issuing a Central Bank Digital Currency (CBDC), which could enable surveillance similar to that employed by the Chinese Communist Party (CCP).

HR 5403 or the “CBDC Anti-Surveillance State Act” was introduced by Rep. Tom Emmer (R-Minn.) in September.

The bill prohibits the U.S. Federal Reserve Bank from “offering products or services directly to an individual, maintaining an account on their behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar) directly or indirectly to an individual.” In addition, “the Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency.”

On Thursday, the House passed HR 5403 in a 216-192 vote tally. In a May 23 press release, Rep. Emmer pointed out that, unlike decentralized cryptocurrencies such as bitcoin, a CBDC is a digital version of sovereign currency that is designed, issued, and controlled by a government.

Since it is subject to central control and is programmable by the entity controlling it, a CBDC does not have the privacy protections that cash affords. As such, if a CBDC were to be imposed in the United States, the federal government would have the power to surveil the transactions of American citizens.

Furthermore, it can also suppress political activity that a ruling party deems problematic through financial restrictions and manipulations.

In 2022, the Biden administration issued an executive order backing the research and development of a CBDC.

“This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values,” according to a White House fact sheet issued at the time.

Reports issued by the Federal Reserve as well as other agencies outlined the Biden administration’s interest in a “surveillance-style CBDC,” the GOP lawmaker said.

By Naveen Athrappully

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Why Democracy, not Caesar, is the answer to our problems

Caesar-style leadership wins quick public support but inevitably sparks passionate resistance, conflict, bloodshed, and lasting social destabilization.

WATCH: Barack Obama Foments Color Revolutions in Eastern Europe

Obama astroturfed “pro-democracy” movements in Poland and Hungary to pressure their govts into accepting mass migration and social engineering.

J.B. Pritzker Puts the ILLeagals in ILLinois

Illinois Gov. J.B. Pritzker, once a California native, has revived the old “ILL” abbreviation—this time in his promotion of ILLegal aliens.

James Franklin’s contract fallout

Penn State’s decision to fire head coach James Franklin after a disappointing 22–21 home loss to Northwestern will cost an estimated $56 million buyout. 

Trump’s Middle East Trip Led to Historic Breakthroughs

Trump’s bold, unconventional strategy helped end the Israel-Hamas war and set the stage for a more stable, prosperous Middle East.

Trump Commutes Sentence of Former Rep. George Santos

President Trump commuted ex-Rep. George Santos’s seven-year prison sentence for fraud and identity theft, ordering his immediate release.

Jack Smith Referred to DOJ for Misconduct Investigation and Possible Disbarment

Former special counsel Jack Smith was criminally referred to the DOJ by Republican lawmakers for alleged misconduct and possible disbarment.

AI Is a ‘Real and Mysterious Creature,’ Not a Predictable Machine, Anthropic Co-Founder Warns

Handling AI is like dealing with “a real and mysterious creature, not a predictable machine,” said Jack Clark, co-founder of Anthropic, at a Berkeley conference.

Trump Refiles $15 Billion Defamation Lawsuit Against New York Times After Court Dismissal

Trump refiled his $15 billion defamation lawsuit against The New York Times, Penguin Random House, and 3 reporters after judge dismissed the case.

Army Corps of Engineers to Pause $11 Billion in Projects During Shutdown: Vought

Russ Vought, director of the White House’s OMB, has added to the growing pile of federal projects paused during the government shutdown.

Trump Signs Executive Order Putting New Restrictions on Federal Hiring

Trump signed an executive order directing federal agencies to restrict hiring, with exceptions for immigration, security, and political appointees.

Trump Says He Has Authorized Covert CIA Operations in Venezuela

President Trump authorized covert CIA operations in Venezuela, expanding U.S. assets there to increase pressure on President Nicolás Maduro’s regime.

Trump Posthumously Awards Charlie Kirk the Presidential Medal of Freedom

President Trump posthumously awarded Charlie Kirk the Presidential Medal of Freedom in the White House Rose Garden on Oct 14, Charlie's birthday.
spot_img

Related Articles

Popular Categories

MAGA Business Central