U.S. House committee pushes anti-CBDC bill
Republican House Financial Services Committee representatives have put forward a bill prohibiting the Federal Reserve from issuing digital dollars directly to individuals. “State CBDC Anti-Regulatory Legislation” was proposed by Tom Emmer. Its goal is to strengthen national security, protect Americans’ financial privacy, and prevent the issuance of CBDC without explicit authorization from Congress. Under the proposal, the Federal Reserve could not directly or indirectly hold accounts for individuals or on behalf of individuals. It would also prohibit the head of the Treasury Department from directing the Federal Reserve Board to issue a CBDC. Thus, a central bank digital currency can only be issued with the approval of Congress. “The legislation prohibits the Federal Reserve from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy.” Majority Whip Tom Emmer Will crypto bills ge...