HOUSE REPUBLICANS ADVANCE LEGISLATION TO BLOCK DIGITAL CURRENCY

House Republicans have advanced a bill that would stop the Federal Reservefrom issuing digital currency, sending the legislation to the House for a vote.

The House Financial Services Committee voted yesterday (Wednesday, Sept 21) to advance the legislation, which was sponsored by Rep Tom Emmer (R-MN). The bill is dubbed the Central Bank Digital Currency Anti-Surveillance State Act. It won support from Republicans and drew opposition from some Democrats on the committee.

“The CBDC Anti-Surveillance State Act underscores that fact and protects Americans’ privacy and our financial system from the risks a CBDC would pose,” said committee Chairman Patrick McHenry (R-NC). “It builds on the principles that Republicans developed last Congress to guide our evaluation of a potential CBDC.

“The bill, led by Whip Emmer, emphasizes those principles and ensures that the Federal Reserve cannot issue a CBDC without congressional approval,” he added.

Republicans said the legislation is necessary to safeguard the U.S., with Rep. Warren Davidson (R-OH) saying the imposition of a CBDC would be “antithetical to Western civilization.