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Home » News » News » Rep. Tom Emmer Intros Bill to Ban “FedCoin” CBDC
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Rep. Tom Emmer Intros Bill to Ban “FedCoin” CBDC

The Maine WireBy The Maine WireFebruary 22, 2023Updated:February 22, 20232 Comments1 Min Read
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U.S. Rep. Tom Emmer (R-Minn.) on Wednesday introduced a bill to prohibit the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) or using a CBDC to control monetary policy.

Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy. 👇 pic.twitter.com/lONbHFZMk7

— Tom Emmer (@GOPMajorityWhip) February 22, 2023

Emmer’s bill would also require the Federal Reserve to be transparent with Congress about any attempts it makes to study the implementation of digital currency systems in the U.S.

Centralized governments are increasingly exploring the possibility of using crypto-currency inspired digital currency technology to digitize money and financial systems, but freedom and privacy advocates warn that such CBDCs would give unprecedented power and control to the Fed and federal government.

Using CBDCs, central governments could enforce social credit systems, like those used by the Communist Party in the People’s Republic of China.

That’s because a CBDC would use programmable money, which would mean a central authority could determine how much money you can spend, what you can spend it on, and even how much money you’re allowed to save.

CBDCs could even be used to program negative rates on savings accounts if central authorities wanted to encourage spending to stimulate the economy.

[RELATED: Beware the Digital Dollar and CBDCs…]

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<span class="dsq-postid" data-dsqidentifier="18313 https://www.themainewire.com/?p=18313">2 Comments

  1. subscriber on October 24, 2023 12:25 PM

    This is a bad cat, and the Republicans just gave him their most powerful position. Wonder how much Soros money went into that “election”? https://www.georgiarecord.com/politics/2023/10/22/sources-say-no-to-fomer-soros-spokesperson-rep-tom-emmer/

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