Tom Emmer: “after much debate, we can now codify President Trump's effort to prevent the development of a central bank digital…”

“after much debate, we can now codify President Trump's effort to prevent the development of a central bank digital currency, or CBDC, and ensure that the United States' digital currency policy remains in the hands of the American people and not the administrative state. I am proud to have my legislation, the Anti-CBDC Surveillance State Act, being considered on the House floor for a vote today. This bill is straightforward. It prevents unelected Washington bureaucrats from creating a financial surveillance tool that, if not done correctly, will fundamentally alter the lives of every American. Unlike decentralized digital assets, a CBDC is a digital form of sovereign currency that is designed, issued, and monitored by the Federal Government. It is government-controlled, programmable money that, if designed without the privacy protections of cash, could give the Federal Government the ability to surveil and restrict Americans' transactions and monitor every aspect of our daily lives. In other words, every dollar you spend, where you spend it, and who you spend it with would all be visible to and tracked by the watchful eyes of Washington. There would be no cash, no anonymity, and no space for private financial decisionmaking. This isn't an inconceivable concept. We have already seen examples of governments developing these types of tools and using them to weaponize their financial systems against their citizens.”