Should we ban the Federal Reserve from establishing a central bank digital currency?

Economy and Taxation Government Operations (e.g., Election Laws)
Anti-CBDC Surveillance State Act (H.R. 1919)
This bill has Passed the House of Representatives
Bill Summary

H.R. 1919 prohibits the Federal Reserve from establishing a central bank digital currency (CBDC). CBDCs are digital forms of currency created, issued, monitored, and managed by a central bank as a form of government-controlled programmable money. Under this bill, the Federal Reserve may not test, study, create, or implement CBDCs, nor develop CBDC-related products and services for individuals and accounts. Sponsor: Rep. Tom Emmer (Republican, Minnesota, District 6)
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Opponents say

•    "My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto – especially given President Trump’s acceptance of billions of dollars in investment in his family crypto business from foreign governments and his blatant conflicts of interest… The Anti-CBDC Surveillance State Act will shackle U.S. Government research while giving China another opportunity to capitalize on a new technology. The volatile and risky nature of crypto products and the lack of investor protections will likely have devastating consequences on Americans’ financial lives, and Congress cannot allow it to undermine our traditional financial markets which are the envy of the world. President Trump’s blatant violation of ethics laws and exploitation of the Presidency to sell baseball hats, sneakers, commemorative coins, fragrances, watches, jewelry, musical instruments, T-shirts, and Bibles as well as crypto to fill his own pockets is a disgrace and cannot go unchecked." Source: Rep. Stephen Lynch (Democrat, Massachusetts, District 8)


•    "Aside from lacking urgently needed consumer protections and national security guardrails, this bill would make Congress complicit in Trump’s unprecedented crypto scam – one that has personally enriched himself, his entire family, and the billionaire insiders in his cabinet, all while defrauding investors. Worse still, these bills serve as a brazen stamp of approval for the blatant abuse of power we’re witnessing in real time. And the irony couldn’t be more glaring: the same Republicans who rail against a government-backed digital dollar in the name of ‘freedom’ are now rushing to hand over the keys to Americans’ financial future to Trump’s illegal and corrupt crypto empire. Republicans are sending a clear message to the American people that they are unwilling to stand up to the crypto lobby, and even more disturbingly, that they are too cowardly to stand up to the President. Well, Democrats are not afraid, and will spend this week reminding the public of the true cost of this corruption. Our message is clear: we will not allow the financial system to become a vehicle for self-dealing, lawlessness, and abuse of power. The stakes for consumers, investors, and our democracy could not be higher." Source: Rep. Maxine Waters  (Democrat, California, District 43)

Proponents say

•    "Unlike decentralized cryptocurrencies, such as Bitcoin, a CBDC is a digital form of sovereign currency that is issued, monitored, and managed by a central bank. In short, a CBDC is government-controlled programmable money that, if designed without privacy protections of cash, could give the federal government unilateral authority to surveil Americans’ transactions and restrict politically unpopular activity. We’ve already seen examples of governments weaponizing their financial systems against their citizens. In China, the Communist Party is using a CBDC to track the spending habits of its citizens. Closer to home, in Canada, the Trudeau administration froze the bank accounts of citizens involved in the 2022 trucker protests. The Biden administration was actively researching a CBDC, and they would have gone ahead and created one, if it weren't for such resounding opposition in Congress evidenced by hundreds of Members of Congress who have supported this bill. Power-hungry bureaucrats will stop at nothing in their quest to gain control over the very people they’re supposed to be working for. President Trump recognizes this and accordingly, one of his first executive actions in office was to ban the United States federal government from ever creating a CBDC. We must codify this in law." Source: Rep. Tom Emmer (Republican, Minnesota, District 6)


•    "An all-seeing, government-run central bank digital currency gives unelected federal bureaucrats an unprecedented amount of power to invade Americans’ financial privacy and threaten their individual liberties. Anti-CBDC legislation is necessary to prevent the government from centralizing its control over the economy. Heritage Action commends Rep. Emmer for continuing the fight to safeguard Americans' financial privacy from potential surveillance, control, and political intimidation." Source: Ryan Walker, Executive Vice President of Heritage Action


•    "Entrepreneurial strength and small business success are tied to a financial system that prioritizes privacy, access, and innovation. SBE Council applauds Congressman Emmer’s leadership in introducing the Anti-CBDC Surveillance State Act, which prevents the Federal Reserve from transforming itself into a retail bank with the power to collect and control Americans’ financial data. By prohibiting both direct and indirect issuance of a central bank digital currency, this legislation protects the financial privacy of entrepreneurs and small businesses while also providing safeguards against government overreach. A government-issued CBDC could expose entrepreneurs to political shenanigans and intimidation, potentially choking off their ability to conduct business. Moreover, the legislation ensures that digital innovation remains driven by the free market and private sector, where it thrives. We urge Congress to stand with entrepreneurs and all consumers by passing this crucial bill." Source: Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council

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