The purpose of Bill is to shield citizens from possible Federal Reserve financial surveillance.
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According to the Washington Examiner, the House of Representatives passed the CBDC Anti-Surveillance State Act by a vote of 216–192, thereby forbidding the Federal Reserve from creating a central bank digital currency (CBDC).
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House Majority Whip Tom Emmer (R-MN) supported the bill, which attempts to protect financial privacy and stop government overreach. Because of the legislation’s concerns about the collection of personal financial data, the Fed is not allowed to distribute CBDCs to individuals directly or indirectly.
Additionally, it prohibits the central bank from implementing monetary policy through a CBDC.
Emmer has harshly denounced the possibility that a CBDC would imitate the surveillance instruments employed by autocratic governments, using the digital yuan as an illustration. He says the bill is essential to preserving individual sovereignty, privacy, and a free market that is competitive.
While conservative organizations like Heritage Action support the bill as a safeguard against government meddling in people’s personal finances, some Democrats contend that it could reduce the US’s competitive advantage in the development of digital currencies.
Prior to this, the Federal Reserve investigated the idea of a CBDC, conducting a trial with big banks and inviting public feedback to determine interest and concerns.
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