The U.S. House of Representatives passed legislation yesterday that would safeguard Americans’ financial freedom by halting the Federal Reserve from issuing a “government-controlled” Central Bank Digital Currency (CBDC).
HR 5403, known as “The CBDC Anti-Surveillance State Act,” passed the chamber by a 216-192 vote and now goes to the Senate. This bill “prohibits a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a Central Bank Digital Currency (i.e., a digital dollar) directly or indirectly to an individual. Further, The Board of Governors of the Federal Reserve System is prohibited from using a Central Bank Digital Currency to implement monetary policy or from issuing a Central Bank Digital Currency.”
A CBDC is a digital version of a currency issued by a central bank. Digital currency is programmable and would give the government control of Americans’ purchases, actions, and movements. CBDCs have one single purpose which is ultimate control over law-abiding citizens.
The Biden administration issued an executive order in March 2022 that is a plan to take control of the global monetary system using CBDCs. However, Congress has the authority to administer and regulate currency, not the Biden administration.
House Majority Whip Tom Emmer introduced “The CBDC Anti-Surveillance State Act” and presented the facts that a digital dollar “could give the federal government the ability to surveil Americans’ transactions and choke out politically unpopular activity.”
Liberty Counsel Founder and Chaiman Mat Staver said, “Digital currencies have one purpose which is ultimate control over law-abiding citizens. The financial freedom of all Americans is under attack by the Biden administration and Congress should defend the American people from digital currencies.”
Learn more about CBDCs here.
