The House Financial Services Committee last week passed a bill that would stop the Federal Reserve from working on a central bank digital currency, giving the full House a chance to consider the legislation.
The legislation would amend the Federal Reserve Act to prohibit Federal Reserve banks from issuing “a central bank digital currency, or any digital asset that is substantially similar under any other name or label, directly to an individual,” according to the text of that proposed bill, H.R. 5403.
Rep. Tom Emmer, a Republican from Minnesota, who is also the House Majority Whip, proposed the bill, which he refers to as the “CBDC Anti-Surveillance State Act.” It was passed by the committee last Wednesday to the House floor.
“This bill has the support of 60 Members of Congress and groups ranging from the Independent Community Bankers Association and American Bankers Association to Club for Growth, Heritage Action, and the Blockchain Association,” Emmer said in a press release that day.