Minnesota Congressman Presents a CBDC Anti-Surveillance Act

Reasons Behind Presenting the CBDC Anti-Surveillance Act

Tom Emmer opposes the CBDC issue proposed by the Federal Reserve. Tom Emmer thinks that it will provide the government with unprecedented levels of financial control and surveillance capabilities, just like in China. He explained that there are three main goals for the bill.

The first is preventing the Fed from directly distributing CBDCs to anyone. Second, using a CBDC to control the economy and implement monetary policy. Last but not least, the Fed's CBDC projects must be fully transparent to Congress and American citizens.

Concerns Mount Over the U.S. Digital Dollar

With its CBDC plans, Uncle Sam is way behind the rest of the world. Despite this, Emmer is one of those who are concerned that the government might use it for surveillance.

French Hill, Vice-Chairman of the House Committee on Financial Services and Chairman of the digital assets subcommittee, was one of the advocates for the legislation that was being proposed.

More than a year ago, Emmer began his campaign by urging the Fed not to issue a CBDC. The Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler, were the targets of Tom Emmer's venomous attack. He alleged at the time that the agency was expanding its jurisdiction through enforcement at the expense of public resources and trust.

Global Rollout of CBDCs

In accordance with the CBDC tracker maintained by the Atlantic Council, eleven nations have already introduced digital central bank currencies. In addition, with the exception of Nigeria, which has restricted cash, all of them are situated in the Caribbean. Seventeen nations have pilot programs in place, and 72 more are still in the research and development stage.