Washington, D.C. - Today, Congressman Tom Emmer (MN-06) reintroduced his flagship legislation, the Anti-CBDC Surveillance State Act. The bill aims to prevent unelected bureaucrats in Washington, D.C., from issuing a central bank digital currency (CBDC) that would undermine Americans’ financial privacy.

Here is what stakeholders have to say about the Anti-CBDC Surveillance State Act:

“Allowing the Federal Reserve to issue a digital currency would violate the separation of powers, expose Americans to unconstitutional financial surveillance, crowd out private investment and innovation, increase volatility in financial markets, and threaten persistent inflation. Club for Growth applauds WHIP Emmer and the House of Representatives for their effort to keep President Trump’s promise to protect Americans from the clear and present danger of the big government CBDC scheme,” David McIntosh, President of the Club for Growth said.

“An all-seeing, government-run central bank digital currency gives unelected federal bureaucrats an unprecedented amount of power to invade Americans’ financial privacy and threaten their individual liberties. Anti-CBDC legislation is necessary to prevent the government from centralizing its control over the economy. Heritage Action commends Rep. Emmer for continuing the fight to safeguard Americans' financial privacy from potential surveillance, control, and political intimidation,” Ryan Walker, Executive Vice President of Heritage Action said.

“ABA applauds Majority Whip Emmer for his leadership in introducing the Anti-CBDC Surveillance State Act. The risks of a U.S. central bank digital currency — which would disintermediate banking and limit banks’ ability to lend and support economic growth — far outweigh any theoretical 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,” said Rob Nichols, President & CEO of American Bankers Association.

"The America First Policy Institute is proud to lead the effort to restore financial freedom and curb this egregious Biden-Harris era overreach by the federal government. A Central Bank Digital Currency remains an enormous threat to our community banking system and small business dynamism. The Anti-CBDC Surveillance State Act follows President Trump’s recent executive order on this issue and the tireless efforts of Whip Tom Emmer (R-MN) that thankfully stops this dangerous behavior. This bill would clarify and reassert that only Congress can authorize and regulate forms of exchange,” said Matthew Henderson, Senior Director of Government Affairs for the America First Policy Institute.

“PPSA strongly supports the Anti-CBDC Surveillance State Act, and we applaud Rep. Emmer for realizing early that a central bank digital currency would place the government and all its snoops squarely into the everyday business of all Americans. We are grateful that Rep. Emmer, as Majority Whip, educated and inspired his colleagues to pass this bill last year. His legislation also presaged President Trump’s excellent executive order forbidding government agencies from establishing a central bank digital currency. Now is the time to finish the job and put this requirement into law,” said Former Representative Bob Goodlatte, Senior Policy Advisor of Project for Privacy & Surveillance Accountability (PPSA).

“CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to track all purchases and collect intimate personal details on its citizens. The right to financial privacy is protected by the Constitution. We support the Anti-CBDC Surveillance State Act – legislation aimed at preventing a CBDC from being issued in the United States. Blockchain Association thanks Majority Whip Emmer for his continued leadership on this critical issue,” said Kristin Smith, Chief Executive Officer of the Blockchain Association.

"Entrepreneurial strength and small business success are tied to a financial system that prioritizes privacy, access, and innovation. SBE Council applauds Congressman Emmer’s leadership in introducing the Anti-CBDC Surveillance State Act, which prevents the Federal Reserve from transforming itself into a retail bank with the power to collect and control Americans’ financial data. By prohibiting both direct and indirect issuance of a central bank digital currency, this legislation protects the financial privacy of entrepreneurs and small businesses while also providing safeguards against government overreach. A government-issued CBDC could expose entrepreneurs to political shenanigans and intimidation, potentially choking off their ability to conduct business. Moreover, the legislation ensures that digital innovation remains driven by the free market and private sector, where it thrives. We urge Congress to stand with entrepreneurs and all consumers by passing this crucial bill,” said Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council.

“Given the consumer and economic risks posed by a potential Federal Reserve-issued central bank digital currency, ICBA and the nation’s community banks strongly support House Majority Whip Tom Emmer’s Anti-CBDC Surveillance State Act,” Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey said. “A Fed-issued CBDC would disintermediate community banks, reduce credit availability, and undermine consumer privacy. We encourage Congress to pass this important legislation to avoid the unnecessary risks to consumers and small businesses that a U.S. CBDC would pose,” Susan Sullivan Kinney, Senior Vice President of Congressional Relations of the Independent Community Bankers of America said.

“Whip Emmer’s legislation protects consumer privacy and financial stability by preventing the Federal Reserve from issuing a central bank digital currency (CBDC). A CBDC could disrupt credit unions and retail deposits, and expand government. The risks of a CBDC outweigh any potential benefit, and could otherwise distract the Federal Reserve from its dual mandate of achieving both stable prices and maximum employment. America’s Credit Unions looks forward with working with Whip Emmer to get this commonsense legislation passed and keep the Fed focused on its core mission,” said Carrie Hunt, Chief Advocacy Officer of America's Credit Unions.

“CBDCs not only crowd out private cryptocurrencies, but they also pose an existential threat to consumer privacy protections. Some academics have also posited that CBDCs could be weaponized to collect taxes and enable the IRS to harass small businesses and individuals. CBDCs have no place in American society,” Grover Norquist, President of Americans for Tax Reform said.

“BPI supports House Majority Whip Emmer’s commitment to prohibiting a retail CBDC in the U.S., which would undermine consumer privacy, disrupt monetary policy and harm the economy by disintermediating banks, thereby weakening their ability to lend. The Anti-CBDC Surveillance State Act will safeguard U.S. economic leadership and preserve private-sector innovation in digital payments,” said Erik Rust, Head of Government Affairs at Bank Policy Institute.

"Restore The Fourth endorses the Anti-CBDC Surveillance State Act because CBDCs pose an enormous risk to privacy. The U. S. government's grants, loans and fines should be made based on fair, open, and democratically decided rules. A CBDC would give the government vast power to increase or decrease citizens' financial resources at their discretion, based on any pattern of that citizen's spending. Maybe you bought too much fast food, or sent money to the wrong cause, or paid to park outside the wrong clinic or church. If you did, that's none of the government's business. People are finding it hard enough to make ends meet as it is. Your continued survival shouldn't depend on your pattern of spending being acceptable to whatever government is in power at the time. The government should not be able to monitor your financial transactions without a court-approved warrant, based on probable cause that you're involved in an actual crime,” Alex Marthews, National Chair of Restore The Fourth said.

"The Anti-CBDC Surveillance State-Act is critical legislation aiming to block the creation of a central bank digital currency (CBDC) that could be issued directly to individuals or through the banking system. The government has no business creating such a digital currency, as it would crowd out private sector innovation and leadership in this space. Furthermore, a government-issued CBDC raises serious concerns around privacy, since it could empower the government to surveil Americans financial activity. At it's core, the establishment of a government issued CBDC represents a classic threat of the government seeking to significantly increase its control over the economy and simultaneously threaten the privacy interests of millions of Americans. For these reasons, we urge you to support the Anti-CBDC Surveillance State Act," said James Czerniawski, Senior Policy Analyst for Americans for Prosperity.

“A Central Bank Digital Currency (CBDC) would pose a significant threat to the financial independence and personal freedoms of older Americans. Many seniors rely on cash and traditional banking for their financial transactions, and a government-controlled digital currency could reduce their ability to manage their money without excessive oversight or restriction. A CBDC could also enable bureaucrats to track, monitor, and even limit seniors' financial transactions, a dangerous precedent that has been seen in authoritarian regimes worldwide,” said Andy Mangione, Senior Vice President of the Association of Mature American Citizens.

“The Digital Chamber proudly commends Whip Emmer for his unwavering leadership in reintroducing the Anti-CBDC Surveillance State Act. The decision on whether the United States adopts a Central Bank Digital Currency (CBDC) belongs in the hands of Congress and the American people – not the Federal Reserve. We must ensure that technological innovation does not come at the expense of financial privacy, especially when robust alternatives exist within the private USD-led stablecoin market. We are proud to support this legislation and urge Congress to act swiftly in passing the Anti-CBDC Surveillance Act,” said Cody Carbone, President of The Digital Chamber.

This bill is endorsed by America First Policy Institute, American Bankers Association, Americans for Tax Reform, America’s Credit Unions, Bank Policy Institute, Blockchain Association, Center for a Free Economy, Center for Freedom and Prosperity, Club for Growth, Consumer Bankers Association, Heritage Action, Independent Community Bankers of America, Project for Privacy & Surveillance Accountability, Restore the Fourth, Small Business & Entrepreneurship Council, Digital Chamber, Association of Mature American Citizens, and Crypto Council for Innovation.

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