North Austin News

U.S. Congressman Michael McCaul (R-Texas) has voted in favor of the CBDC Anti-Surveillance State Act, a bill he cosponsored aimed at protecting Americans' financial privacy by preventing the Biden administration from issuing a central bank digital currency (CBDC).

"As chairman of the House Foreign Affairs Committee, I've seen how dictators wield financial tools like CBDCs to control, coerce, and spy on their citizens," said Rep. McCaul. "In the United States of America — the land of the free — how individuals spend their money is none of the government’s business, and we must keep it that way. While President Biden’s administration considers taking a page right out of the CCP’s playbook by implementing a CBDC, House Republicans are committed to protecting Americans’ financial privacy and way of life."

The CBDC Anti-Surveillance State Act was first introduced by Majority Whip Tom Emmer (R-Minn.). The legislation seeks to prohibit the Federal Reserve from issuing a CBDC directly or indirectly through financial institutions or third parties. Additionally, it would prevent the Federal Reserve from using a CBDC as an instrument for monetary policy implementation and mandate congressional legislation for any future issuance of a CBDC.