Rep. Tom Emmer (R-Minn.) today reintroduced a proposed bill that would prevent the Federal Reserve from using a central bank digital currency to implement monetary policy.
The Anti-CBDC Surveillance State Act seeks to prevent “unelected bureaucrats” from issuing a CBDC that would undermine financial privacy, said Emmer, who is House majority whip. The Trump administration has also said it opposes the creation of a CBDC.
In a statement, ABA President and CEO Rob Nichols said the risks of a CBDC far outweigh any potential benefits.
“We urge all members of the House to support this important legislation to prevent a CBDC, which would only undermine the financial system and the U.S. economy,” Nichols said.