US Congressman Proposes Bill to Block Federal Reserve from Creating American CBDC – What's Going On?

cryptonews.com:

US Republican House Majority Whip Tom Emmer has introduced a bill on Wednesday to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) or using it to control monetary policy.

"Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy," Emmer wrote in a tweet on February 22, listing three points the legislation focuses on.

There are, said Emmer: 

Per the document Emmer shared in his Twitter thread, a section of the Federal Reserve Act is amended by adding that,

"Except as specifically authorized under this Act, a Federal reserve bank may not offer products or services directly to an individual, maintain an account on behalf of an individual, or issue a central bank digital currency directly to an individual." 

When it comes to any studies related to the implementation of digital currency systems in the US, or potential CBDC pilot programs, the Board of Governors of the Federal Reserve System will need to consult each Federal reserve bank and issue quarterly reports to Congress on the findings, the document stated. 

Digital versions of the dollar must "uphold our American values," wrote Emmer, warning about what he believes is the potential for creating a surveillance tool. The concern here, some argue, is that CBDCs may go against the freedom and privacy guaranteed to the people, giving unprecedented control and power to the government.

Emmer and several other US lawmakers previously expressed concern that giving this amount of control to the Fed would result in the government gathering sensitive transaction information. 

In March 2022, US Senator Ted Cruz introduced companion