House Passes CBDC Anti-Surveillance State Act
H.R. 5403 blocks the creation of a government-issued, government-controlled central bank digital currency
Washington,
May 23, 2024 -
Today, the U.S. House of Representatives passed H.R. 5403, the CBDC Anti-Surveillance State Act, sponsored by Majority Whip Tom Emmer (MN-06). H.R. 5403 halts unelected bureaucrats from issuing a central bank digital currency (CBDC)—which would threaten Americans’ right to financial privacy—without explicit authorization from Congress.
Watch Chairman Patrick McHenry’s (NC-10) remarks in support of H.R. 5403 on the House floor here.
Read Chairman McHenry’s remarks as prepared for delivery:
“Today we are considering Majority Whip Tom Emmer’s H.R. 5403, the CBDC Anti-Surveillance State Act.
“This bill is straightforward. It halts unelected bureaucrats from issuing a central bank digital currency, or CBDC, that would be detrimental to Americans’ right to financial privacy.
“We’ve already seen examples of governments weaponizing their financial system against their own citizens.
“For example, the Chinese Communist Party uses a CBDC to track spending habits of its citizens.
“This data is being used to create a social credit system that rewards or punishes people based on their behavior.
“That type of financial surveillance has no place in the United States.
“Concerningly, it appears the current Administration does not agree.
“In 2022, the White House issued an Executive Order pushing for CBDC research and development. The corresponding report responding to that Executive Order did nothing to ease those concerns.
“This is why the CBDC Anti-Surveillance State Act is necessary.
“The bill requires authorizing legislation from Congress for the issuance of any CBDC—ensuring that it must reflect American values.
“If not open, permissionless, and private, a CBDC is no more than a CCP-style surveillance tool waiting to be weaponized.
“I want to thank my friend, Whip Emmer, for his work to spearhead this legislation, along with Reps. Hill and Mooney for their leadership on this issue.
“I would also like to thank Rep. Davidson for his commitment to financial privacy at large.
“I urge all of my colleagues to support this commonsense legislation.”
###
