Emmer said, “My bill, which prohibits the Fed from issuing a central bank digital currency directly to individual Americans, is a statutory prohibition on a surveillance tool that could be used to kill private sector innovation and deflate the dollar’s dominance.”
“Financial freedom is American freedom, and as we see other democracies weaponize the payment rails to suppress free speech, it is more important than ever that we ensure that the United States continues to lead global crypto innovation by prioritizing technology that is open, permissionless, and private” Emmer concluded.
FreedomWorks President Adam Brandon said, “Central Bank Digital Currency (CBDC) is a dangerous tool that has the potential for large-scale abuse by governments to control and monitor the personal finances of their citizens. A CBDC that does not enjoy the same financial privacy benefits of cash would dramatically expand the size and scope of the Federal Reserve and open the door to digital authoritarianism.
Brandon continued: “We are excited to recognize Rep. Tom Emmer’s bill to prohibit the Federal Reserve from issuing a CBDC directly to individuals, H.R. 6415, as our Bill of the Month for February 2022. His bill is leading the way to combat CBDC and protect the financial privacy of millions of Americans.”
FreedomWorks is a grassroots organization that is dedicated to promoting the principles of lower government, less taxes, and economic freedom.
You can read more about the legislation here.