Tom Emmer Proposes CBDC Anti-Surveillance Act to Protect Americans’ Financial Privacy

02/23/2023 09:14 • Daily Digest • 78 views

According to reports, Tom Emmer, a member of the United States Congress, said on social media that today, I proposed the CBDC Anti-Surveillance Act to prevent the unelected bureaucrats in Washington, D.C. from depriving Americans of their financial privacy. The bill emphasizes three things: prohibit the Federal Reserve from issuing CBDC directly to anyone. 2. The Federal Reserve is prohibited from using CBDC to implement monetary policy and control the economy. 3. Require the Federal Reserve’s CBDC program to be transparent to Congress and the American people.

U.S. Congressman Tom Emmer proposed a bill to prohibit the Federal Reserve from issuing CBDC

Interpretation of the news:

Tom Emmer, a member of the United States Congress, has proposed the CBDC Anti-Surveillance Act in an effort to protect Americans’ financial privacy. As per reports, the bill emphasizes on three important things: prohibiting the Federal Reserve from issuing CBDC directly to anyone, prohibiting the use of CBDC to implement monetary policies, and making the CBDC program transparent to Congress and the American people.

CBDC, or Central Bank Digital Currency, is a digital currency that is issued and backed by a central bank. The Federal Reserve has been exploring the possibility of issuing a CBDC for some time now. The aim of a CBDC is to make financial transactions faster, cheaper, and more efficient. However, the issuance of a CBDC also raises concerns about increasing government surveillance, as all transactions made with a CBDC would be under the purview of the government.

Tom Emmer’s proposal aims to address these concerns by prohibiting the Federal Reserve from issuing CBDC directly to anyone. This means that the CBDC would only be issued through banks or other financial institutions, and not to individuals. This would prevent the government from having direct access to people’s financial transactions.

The proposal also prohibits the use of CBDC to implement monetary policy and control the economy. This means that the government cannot use CBDC to manipulate interest rates, inflation, or unemployment. This would ensure that the value of CBDC remains stable and is not subject to government interference.

The proposal also requires the Federal Reserve’s CBDC program to be transparent to Congress and the American people. This means that the Federal Reserve would have to provide regular updates on its CBDC program to Congress and make the information public. This would ensure that the public is informed about the framework and functioning of the CBDC program.

In summary, Tom Emmer’s proposal for the CBDC Anti-Surveillance Act is a step towards protecting Americans’ financial privacy while also promoting the use of CBDC. The proposal puts in place safeguards that ensure the government does not abuse its powers in the issuance of a CBDC.

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