- As the 21st Century ROAD to Housing Act prepares for a House vote this week, Republican members are advocating for a permanent US CBDC prohibition.
- The proposed amendment aims to prevent the Federal Reserve from launching a central bank digital currency (CBDC) after the deadline of 2030.
- A US digital dollar might jeopardize economic freedom and privacy, according to House Majority Whip Tom Emmer, who is also supporting his Anti-CBDC Surveillance State Act.
Is America About to Ban CBDCs Forever? Republican Lawmakers Think So. The majority whip in the House, Tom Emmer, is also promoting his Anti-CBDC Surveillance State Act, which has passed the House but not the Senate.
As the 21st Century ROAD to Housing Act is scheduled for a vote in the US House this week, two Republican members are advocating for a permanent ban on a US central bank digital currency (CBDC) to be inscribed in the legislation.
In this context, ROAD is an acronym that stands for “Renewing Opportunity in the American Dream”. When combined with the full title, the 21st Century ROAD to Housing Act, the name reflects the bill’s legislative objective: using federal policy to expand housing access, lower costs, and unlock the “American Dream” of homeownership in the modern era
In addition to adjustments to federal housing programs, the US Senate Committee on Banking, Housing, and Urban Affairs presented a bill in March that prohibits the Federal Reserve System or any Federal Reserve Bank from issuing a CBDC or comparable instrument until December 31, 2030.
Congressman Mike Flood claimed that the US House’s modified bill reverses the “backdoor green light for a CBDC” and attempts to make the ban permanent.
Why Tom Emmer Calls CBDCs An ‘Orwellian Tool’?
The House is anticipated to vote on the revised proposal this week. If it is approved, the bill will go back to the Senate for more revisions. Before the bill can reach President Donald Trump’s desk and be signed into law, it must pass both chambers.
“My Anti-CBDC Surveillance State Act BANS Our Government From Creating This ‘Orwellian Tool’, The House Passed It, Now the Senate Must Act”
Supporters of CBDCs claim they might enhance financial participation for marginalized communities, while detractors claim they could increase government surveillance and jeopardize financial privacy.
Among other issues, the currency’s potential to violate privacy and provide new opportunities for government corruption are drawbacks.
As the “2030 sunset works a pre-launch development period,” US Representative Warren Davidson, a member of the House, also backed a permanent ban on CBDC.
This week, bipartisan housing affordability legislation might be a unifying victory for the US House of Representatives. Rather, they intend to use housing as a Trojan Horse to deliver a go-live date for Central Bank Digital Currency,” he continued.
Will Tom Emmer’s Anti-CBDC Act Become Law?
Only three nations, Nigeria, Jamaica, and the Bahamas, have formally implemented a CBDC, according to the tracker maintained by the American think tank The Atlantic Council. Forty-one other nations are in the prototype stage.
In the meantime, one of the top Republican leadership roles in Congress, House majority whip Tom Emmer, is promoting his Anti-CBDC Surveillance State Act.
Although the House passed the bill on July 17, the Senate has not yet given it complete approval. It seeks to prevent the Federal Reserve from issuing or developing a CBDC.
“To track and oversee its citizens, the Chinese Communist Party uses a central bank digital currency (CBDC).” “Privacy and economic freedom as we know it would disappear if the US adopted its own CBDC,” he stated.
The “No CBDC Act,” a stand-alone bill that forbade the Fed or Treasury from issuing a CBDC, was previously introduced by Senator Mike Lee. But in Congress, it stalled.
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