In what appears to be more of a gesture than a substantive act, the GOP-majority House passed a bill that would effectively end the government’s plans to create a centralized banking digital currency (CBDC). The bill passed 216-192, with only 3 Democrats voting for it while 18 Democrats and 4 Republicans did not register votes.
Majority Whip Tom Emmer (R-MN) introduced the legislation, saying of its passage in a press release, “For more than two years, we have worked to educate, grow support, and pass this important legislation, which prevents unelected bureaucrats from issuing a financial surveillance tool to fundamentally undermine our American values. 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.”
The U.S. House of Representatives passed the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, introduced by Rep. Tom Emmer (R-Minn.) on May 23, 2024. The legislation was approved by 216-192 votes to prevent the Federal Reserve from directly offering CBDC to individuals and using it to implement monetary policy.
The bill, which had the backing of all Republican representatives and three Democrats—Mary Peltola of Alaska, Marie Perez of Washington, and Jared Golden of Maine—marks a pivotal moment in the ongoing debate over digital currency and financial privacy in the United States.
