The US House of Representatives just passed a bill aimed at preventing the Federal Reserve from launching a Central Bank Digital Currency (CBDC) without Congressional authorization.
Republican Majority Whip Tom Emmer sponsored H.R. 5403, known as the CBDC Anti-Surveillance State Act, with the stated goal of protecting Americans’ right to privacy.
“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.”
The bill passed 216 to 192 along party lines, backed by 213 Republicans.
House Democrat Maxine Waters led the charge against the bill, calling it anti-innovative and stating it would hinder the Federal Reserve’s research and authority.
“[H.R. 5403] would stifle that research and prevent us from moving forward even if it means that the dollar loses its status as the world’s reserve currency and even if it means that U.S. citizens lose out on faster, cheaper and simpler payments.”
H.R. 5403 is now headed to the Democrat-controlled Senate, where it is likely to meet more resistance.
In a report issued last year, the Fed said it has “made no decisions” on whether to launch a digital, government-controlled version of the dollar.
And in March, Fed Chair Jerome Powell reiterated that stance, saying the agency is “nowhere near” recommending or adopting a CBDC.
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