House Republicans Advance Bill to Block Federal Reserve from Issuing Digital Currency
House Republicans have passed a bill that would prohibit the Federal Reserve from creating a digital currency. This legislation, known as the Central Bank Digital Currency Anti-Surveillance State Act, is now heading to the House for further consideration.
BREAKING: House Financial Services Committee passes bill to ban the Federal Reserve from creating a Central Bank Digital Currency This is a huge step forward.— Jim Ferguson (@JimFergusonUK) September 21, 2023
The #WEF2030Agenda that the #GlobalistParasites want to control the masses with is dead in the water!!!#USA #CBDC… pic.twitter.com/v0y4mkSUWA
Sponsored by Rep. Tom Emmer (R-MN), the bill gained traction within the House Financial Services Committee, securing the endorsement of the committee’s Republican members while facing resistance from several Democrats.
The key provisions of the act prevent the Federal Reserve from:
- Issuing a Central Bank Digital Currency (CBDC) directly to U.S. citizens.
- Leveraging intermediaries to circulate a CBDC.
- Using a CBDC as a tool for monetary policy implementation.
Committee Chairman Patrick McHenry (R-NC) emphasized the importance of the legislation in preserving the financial privacy of American citizens and ensuring any decisions about CBDCs pass through congressional oversight.
However, this legislative move hasn’t been without its critics. Leading Democrats see this as a counterproductive action that could stifle innovation and put the U.S. at a disadvantage in the burgeoning digital currency race. Ranking Member Maxine Waters (D-CA) criticized the bill for being “antithetical to innovation and competition”, highlighting the urgent need for the U.S. to keep pace with other global powers like China in the digital currency domain.
Another notable voice of dissent was Rep. Brad Sherman (D-CA), who expressed concerns over the perceived contradiction in Republicans endorsing this bill while also supporting the broader, less-regulated cryptocurrency market.
Despite the criticism, Republicans, including Rep. Warren Davidson (R-OH), defended the bill, arguing that the introduction of a CBDC could pose a significant threat to U.S. values and the essence of Western civilization.
The bill’s journey isn’t over. Following the House’s vote, it will be up to the Democrat-dominated Senate to decide its fate. This forthcoming debate is expected to delve deeper into the complexities of digital currencies, their potential implications for the U.S. economy, and the broader philosophical differences that underpin this critical financial discussion.
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