ICYMI: Club for Growth Partners with Whip Emmer on CBDC Opposition
Washington, D.C. – In case you missed it, Club for Growth is working with House Majority Whip Tom Emmer on the reintroduction of the CBDC Anti-Surveillance State Act. A central bank digital currency (CBDC) is government-controlled digital asset that, if not designed to emulate cash, could allow the federal government to examine the financial transactions of everyday Americans and choke out politically unpopular activity. The legislation, which has 50 cosponsors, would prevent unelected bureaucrats from compromising financial privacy by issuing a CBDC.
“Two world visions for the future of digital currencies are in conflict: China and a Central Bank Digital Currency (CBDC) where government creates digital assets and surveils, spies, monitors, and restricts consumer behavior versus an American free marketplace that enables private competition that protects consumer data, allows economic freedom, enables innovation, and encourages competition. Club for Growth is pleased to work with House Majority Whip Tom Emmer so America doesn’t go down the China road and the Federal Reserve never develops a CBDC. We fully support this new legislation which does just that.” – David McIntosh, President, Club for Growth.
“The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,” said Whip Emmer. “If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life.”
Club for Growth and its affiliated entities have long pushed back against the formation of a CBDC. In May 2022, the Club for Growth Foundation issued comments to the Federal Reserve outlining the key risks of a CBDC.
Click here to read the press release from Majority Whip Emmer announcing the reintroduction of the CBDC Anti-Surveillance State Act.
Click here to read the full bill text for the CBDC Anti-Surveillance State Act.