Representative Tom Emmer, has introduced a bill to prohibit the Federal Reserve from issuing a retail central bank digital currency (CBDC). Representative Emmer was the first member of Congress to push back at CBDCs through legislation when he introduced a similar bill in January of 2022. That bill prohibited the Federal Reserve from issuing a retail CBDC by barring it from issuing CBDC directly to an individual. It also forbids the Fed from offering products or services directly to an individual, and from maintaining an account on behalf of an individual.
The updated version provides additional protections designed to prevent the Federal Reserve from issuing a retail CBDC. Specifically, the newer version prohibits both the Board of Governors and the Federal Open Market Committee from using CBDC to implement monetary policy. Finally, the bill also prohibits the Federal Reserve from conducting CBDC pilot programs without informing the congress.
Congressman Tom Emmer stated:
“Today I wanted to talk about an important piece of legislation that may or may not yet be on your radar last week I introduced the Central Bank digital currency anti-surveillance State act to Halt the efforts of unelected bureaucrats here in Washington D.C, from stripping Americans of their right to financial privacy. Digital Assets in the digital economy are the future but the Federal Reserve should play no role in developing a central bank digital currency or otherwise known as a CBDC the consequences if we get it wrong are far too serious.
The Biden Administration is currently itching to create a digital authority authoritarian styled surveillance style digital dollar and through an executive order they are pursuing analysis on a retail CBDC that would not be open permissionless or private in fact it would be ridden with significant risk to Americans privacy, security, financial inclusion and a whole lot more. This kind of digital currency would give the federal government access to and control over literally every financial transaction conducted by Americans, that’s why I along with a number of my colleagues introduced the CBDC anti-surveillance state act it’s going to prohibit the FED from issuing a CBDC directly to anyone. Said Tom Emmer.
It’s going to bar the FED from using the CBDC to implement monetary policy and control our economy and it’s going to require the fed’s cbdc projects to be transparent, if they get to go forward to be transparent to congress and the American people we need these common sense guard rails to prevent unelected bureaucrats here in Washington from sacrificing Americans right to financial privacy. He noted.
I think Mike Gallagher’s committee is going to show us tonight we do not want to emulate the CCP we should not be taking our direction from the Communist party of China developing a digital version of the US dollar that makes transactions more efficient extends financial inclusion and does not compromise American sovereignty or privacy will send us into the next several generations of the digital economy and we can’t afford to get this wrong.” End of statement.
Tom Emmer is a hero that is trying to prevent dystopian future in USA, worse of what you see today in communist China. Tom Emmer is a member of the US Congress who has been vocal about his concerns regarding the potential risks and negative impacts of a Central Bank Digital Currency (CBDC) on the US economy and financial system. Emmer has introduced bills and amendments to prevent the Federal Reserve from issuing a CBDC without proper oversight and regulation, arguing that such a move could jeopardize the privacy, security, and stability of the financial sector. Many considers him a hero for standing on a way of potential tyranny upon Americans, and he is defending their individual liberties.
CBDC or Central Bank Digital Currency are digital tokens, issued by a central bank that runs on centralized ledger They are pegged to the value of that country’s fiat currency. The danger of centralized ledgers is that the entity who is in charge can do what they wish for and some serious damage to its users. The Central bank has total control on all transactions, because CBDC are going to be on a centralized ledger.
The globalist architects of the Great Reset at the World Economic Forum want to use CBDC Central Bank Digital Currencies to “revolutionize” the future of finance. Probably you’ve heard the famous sentence: ,,You will own nothing and be happy”
Government can use CBDC as a tool to: Freeze account, put limit on your account, set location limits, spend limit, automatically tax every transaction, decide what you can buy or how to spend, restrict individuals from basic goods and services, set expiry date on savings and other dystopian and totalitarian features. CBDC is one of the three pillars of dystopian future, you can read more here.