Last week the House of Representatives passed a Bill banning the Federal Reserve from establishing a Central Bank Digital Currency (CBDC) like China’s Digital Yuan.
CBDC is one of the greatest threats to our freedom as it would mean the government could track every dollar you spend and even “turn off” your money if you commit some perceived crime, such as buying fattening food, or purchasing ammo.
This decision, proposed by the House Majority Whip, Rep. Tom Emmer, as the “CBDC Anti-Surveillance State Act,” is a crucial amendment to the Federal Reserve Act, which governs the US central banking system. The amendment states, “The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any central bank digital currency to implement monetary policy.”
The Bill still has a long way to go before becoming law. It now needs to pass a vote in the Senate and potentially stand a presidential veto. The fact that Ex-President Trump has repeatedly mentioned that he would not allow a “digital dollar” to be built and the chairman of the Federal Reserve, Jerome Powell, had also said that the Federal Reserve would not start implementing a digital dollar without congressional approval, adds to the potential implications of this ban passing the House. The Senate likely has allies on a CBDC ban, though whether there is a majority and/or a veto-proof majority would be an open question. More at Forbes