US lawmaker introduces bill aimed at limiting Fed’s authority on digital dollar

Minnesota Representative Tom Emmer has actually presented legislation in the United States House of Representatives that might restrict the Federal Reserve from providing a reserve bank digital currency, or CBDC.

In a Feb. 22 statement, Representative Emmer said he had actually presented the ‘CBDC Anti-Surveillance State Act’ in an obvious effort to secure Americans’ best to monetary personal privacy. According to the Minnesota lawmaker, the bill might forbid the Fed from providing a digital dollar “directly to anyone”, bar the reserve bank from executing financial policy based on a CBDC, and need openness for jobs connected to a digital dollar.

“Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness,” stated Emmer. “Anything less opens the door to the development of a dangerous surveillance tool.”

If passed in both the House and Senate and signed into law by President Joe Biden, the bill would modify the Federal Reserve Act to restrict the Fed’s authority with regard to CBDCs. Emmer is the Majority Whip for the House, where Republicans presently hold a bulk of seats. Cointelegraph connected to Representative Emmer’s workplace, however did not get a reaction at the time of publication.

Many on social networks admired the bill as an action in the best instructions. Bitcoiner Dan Held applauded Emmer’s actions, with others citing monetary personal privacy as one of the factors they supported the legislation.

Source: Twitter

Emmer presented a comparable bill in January 2022, throughout the last session of Congress when Republicans held a minority in the House. At the time, the U.S. lawmaker pointed out “China’s digital authoritarianism” in limiting the Fed’s authority on a digital dollar — China had actually revealed its digital yuan would be offered to foreign professional athletes at the Beijing 2022 Winter Olympics, and continues to progress with the job.

Related: US senator calls on SEC’s Gensler to respond to for ‘regulative failures’

During much of his current time in workplace, Representative Emmer has actually been thought about a crypto-friendly lawmaker requiring the federal government to downsize guideline in order to promote development in the market. In December, he asked for Securities and Exchange Commission chair Gary Gensler appear prior to Congress to “answer questions about the cost of his regulatory failures”.