{"id":5500,"date":"2023-09-15T12:57:33","date_gmt":"2023-09-15T17:57:33","guid":{"rendered":"https:\/\/nakedpolitics.net\/?p=5500"},"modified":"2023-09-15T12:57:33","modified_gmt":"2023-09-15T17:57:33","slug":"republican-introduces-bill-to-ban-federal-reserve-from-creating-central-bank-digital-currency","status":"publish","type":"post","link":"https:\/\/nakedpolitics.net\/?p=5500","title":{"rendered":"Republican Introduces Bill to Ban Federal Reserve from Creating Central Bank Digital Currency"},"content":{"rendered":"\n<p><strong>Republican rep from Minnesota launches opening salvo against Fed&#8217;s proposed CBDC (Central Bank Digital Currency) cryptocurrency.<\/strong><\/p>\n\n\n\n<p><strong>A Republican rep from Minnesota has introduced a bill that would ban the Federal Reserve\u2019s proposed rollout of its CBDC (Central Bank Digital Currency) cryptocurrency scheme.<\/strong><\/p>\n\n\n\n<p>Majority Whip Tom Emmer (R-Minn.) on Sunday unveiled the \u201c<a rel=\"noreferrer noopener\" href=\"https:\/\/emmer.house.gov\/_cache\/files\/b\/5\/b55fb1d4-4220-4bca-bacb-c9d46b2aabd8\/B8E3DAD03DF34502832A2C8E54138CAB.cbdc-anti-surveillance-state-act.pdf\" target=\"_blank\">CBDC Anti-Surveillance State Act<\/a>,\u201d which aims to \u201chalt the efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC) that dismantles Americans\u2019 right to financial privacy.\u201d<\/p>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/emmer.house.gov\/2023\/9\/emmer-reintroduces-cbdc-anti-surveillance-state-act\" target=\"_blank\" rel=\"noreferrer noopener\">press release<\/a>&nbsp;from Emmer\u2019s office describes CBDC as \u201cgovernment-controlled programmable money that\u2026could give the federal government the ability to surveil Americans\u2019 transactions and choke out politically unpopular activity.\u201d<\/p>\n\n\n\n<p>In a statement, Rep. Emmer compared the CBDC to a Chinese-social credit score system, and accused the Biden administration of being \u201cwilling to compromise the American people\u2019s right to financial privacy for a surveillance-style CBDC.\u201d<\/p>\n\n\n\n<p>\u201cIf not designed to be open, permissionless, and private \u2013 emulating cash \u2013 a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,\u201d Emmer stated.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Republican Tom Emmer introduces bill to ban the Federal Reserve from creating a Central Bank Digital Currency.<a href=\"https:\/\/t.co\/X5cvbP9TDt\">pic.twitter.com\/X5cvbP9TDt<\/a><\/p>&mdash; Citizen Free Press (@CitizenFreePres) <a href=\"https:\/\/twitter.com\/CitizenFreePres\/status\/1702051081490993187?ref_src=twsrc%5Etfw\">September 13, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Speaking to reporters this week, Rep. Emmer pointed out, \u201cThis bill ensures the future of cyrpto is in the hands of the American people, not the administrative state.\u201d<\/p>\n\n\n\n<p>Addressing the CBDC at the Seventh Annual Fintech Conference in Philadelphia, Pennsylvania, last week, Federal Reserve Vice Chair for Supervision Michael S. Barr made it clear the Fed is chomping at the bit for the green light from legislators.<\/p>\n\n\n\n<p>\u201cWe continue to speak to a broad range of stakeholders and conduct basic research in emerging technologies that might support a CBDC payments backbone, or for other purposes in the existing payments system,\u201d&nbsp;<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/barr20230908a.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Barr said<\/a>. \u201cFor example, the Fed\u2019s CBDC research program is currently focused on system architecture, notably how ledgers that record ownership of and transactions in digital assets are maintained, secured, and verified, as well as tokenization models\u2014that is, the design of the digital analog to the paper bank note that permits a transfer of value between two parties without direct facilitation by the issuing central bank.\u201d<\/p>\n\n\n\n<p>\u201cThe Federal Reserve has made no decision on issuing a CBDC and would only proceed with the issuance of a CBDC with clear support from the executive branch and authorizing legislation from Congress,\u201d he continued. \u201cGiven the importance of this infrastructure, investigating the potential opportunities, risks, and tradeoffs for payments innovation is just one way the Fed fulfills its role in supporting the responsible innovation that enables a safe and efficient U.S. payments system.\u201d<\/p>\n\n\n\n<p>Given the Federal Reserve\u2019s ongoing support for the CBDC, Representative Emmer\u2019s bill couldn\u2019t have been introduced at a more opportune moment.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Original Article: <a href=\"https:\/\/www.newswars.com\/republican-introduces-bill-to-ban-federal-reserve-from-creating-central-bank-digital-currency\/\">https:\/\/www.newswars.com\/republican-introduces-bill-to-ban-federal-reserve-from-creating-central-bank-digital-currency\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republican rep from Minnesota launches opening salvo against Fed&#8217;s proposed CBDC (Central Bank Digital Currency) cryptocurrency. A Republican rep from Minnesota has introduced a bill that would ban the Federal Reserve\u2019s proposed rollout of its CBDC (Central Bank Digital Currency) cryptocurrency scheme. Majority Whip Tom Emmer (R-Minn.) on Sunday unveiled the \u201cCBDC Anti-Surveillance State Act,\u201d which aims to \u201chalt the efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC) that dismantles Americans\u2019 right to [&hellip;]<\/p>\n","protected":false},"author":53,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-5500","post","type-post","status-publish","format-standard","hentry","category-economy"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts\/5500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5500"}],"version-history":[{"count":1,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts\/5500\/revisions"}],"predecessor-version":[{"id":5501,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts\/5500\/revisions\/5501"}],"wp:attachment":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}