House Approves Legislation to Block Fed from Issuing a CBDC
by Emmitt Barry, Worthy News Correspondent
(Worthy News) – The House of Representatives has passed legislation prohibiting the Federal Reserve from creating a central bank digital currency, known as the “digital dollar.” Introduced by House Majority Whip Rep. Tom Emmer (R-Minn), the bill is titled the “CBDC Anti-Surveillance State Act.” This crucial amendment to the Federal Reserve Act, which governs the US central banking system, stipulates, “The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any central bank digital currency to implement monetary policy.”
In a 216-192 vote, the House of Representatives passed Rep. Emmer’s bill prohibiting the Federal Reserve from issuing a surveillance-style central bank digital currency (CBDC) that could enable the federal government to monitor and control individual Americans’ spending habits.
“For more than two years, we have worked to educate, grow support, and pass this important legislation, which prevents unelected bureaucrats from issuing a financial surveillance tool to fundamentally undermine our American values. My legislation ensures that the United States’ digital currency policy remains in the hands of the American people so that any development of digital money reflects our values of privacy, individual sovereignty, and free market competitiveness. This is what the future global digital economy needs. We are proud to have led this effort and thank my colleagues for their support,” stated Congressman Emmer.
The vote on the ban was nearly along party lines, with three Democrats joining all Republicans in voting yes. However, the bill still faces significant hurdles before becoming law—it must pass a vote in the Senate and potentially withstand a presidential veto.
The potential implications of this ban passing the House are underscored by the fact that former President Trump has repeatedly stated he would not allow a “digital dollar” to be created. Additionally, Federal Reserve Chairman Jerome Powell has asserted that the Federal Reserve would not implement a digital dollar without congressional approval.
The Senate likely has supporters for a CBDC ban, but whether there is a sufficient majority or a veto-proof majority remains uncertain.
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